RB1! by itself doesn't like to follow retracements. That is because it is not normalized with dollar strength. After all, gasoline consumption is highly affected by the strength of the average salary.
Also take a look at where we landed. Crude and its products show strength during the last weeks. The point we are testing is not a random point, as the standard RB1! would tell you. The point we stopped is the 1.272 retracement from the 2008 high to the 2020 bottom. We surpassed it by a mere $0.012 as we had, to initiate a sell-off. Now prices maybe have landed.
Also compare this with the standard RB1! value, to see the tremendous difference. I always found it annoying for commodities (amongst other stuff) not to follow accurately such retracements. With this transformation it is very neat. It's like seeing behind the curtain.
PS. Not everything is money. These charts are beautiful, admire them for what they are. It is nice when maths show some incredibly accurate results. I avoid giving trading advice because maths is more beautiful than useless colorful pieces of paper, and round pieces of metal.
PS2. Even if I show these charts, I don't always know what they mean. And I don't have to know, or figure out what they mean.
PS3. Don't fall for the "go long" or "go short" trap. A successful trader must have a probabilistic thinking, and have a plan for ANY outcome.
Tread lightly, for this is hallowed ground. -Father Grigori
Also take a look at where we landed. Crude and its products show strength during the last weeks. The point we are testing is not a random point, as the standard RB1! would tell you. The point we stopped is the 1.272 retracement from the 2008 high to the 2020 bottom. We surpassed it by a mere $0.012 as we had, to initiate a sell-off. Now prices maybe have landed.
Also compare this with the standard RB1! value, to see the tremendous difference. I always found it annoying for commodities (amongst other stuff) not to follow accurately such retracements. With this transformation it is very neat. It's like seeing behind the curtain.
PS. Not everything is money. These charts are beautiful, admire them for what they are. It is nice when maths show some incredibly accurate results. I avoid giving trading advice because maths is more beautiful than useless colorful pieces of paper, and round pieces of metal.
PS2. Even if I show these charts, I don't always know what they mean. And I don't have to know, or figure out what they mean.
PS3. Don't fall for the "go long" or "go short" trap. A successful trader must have a probabilistic thinking, and have a plan for ANY outcome.
Tread lightly, for this is hallowed ground. -Father Grigori
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The standard price charts couldn't provide us with a method of forecasting possible resistance fields.
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There is another reason I don't advise go short or go long. If we learned anything these past months from SPX, is that the volatility and stress is so high, that pushes traders in tighter and tighter hedging. We may reach a point on which "insurance" becomes more expensive than the product it insures.
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Look at the point USOIL stopped growing this summer:
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Diesel Fuel
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How didn't I see this before?
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Interesting USOIL chart...
