Provides the real-time chat flow given by Frank Ochoa, aka PivotBoss, in the MrTopStep IM Pro trading room during one of his Crude Oil trades. This trade shows a simple 2-part scaling technique that netted winners of +15 and +30 ticks.
Gold Futures (GCZ3) Short Term Gold put in a spike high at 1323.30 early this morning and then broke below the 1316.50 pivot, sending prices into a steady decline down …
The fact that price has taken the stairs on the way down, banging its head off each round number along the way, is bearish. But we are now at a critical juncture in the chart — 102 support. This is a make or break level, as the resulting move could push price $3 either way.
Wow, the 108.15 level was huge. I knew it was a big level to watch, but the rejection that we saw off this level yesterday was simply fantastic, as Crude has already moved about 3 points off this level as of this morning after breaking through 107.20 support.
Match. Set. Point! The 110.07 level I offered in the pre-market report turned out to be the high of the day, and price sold off heavily into my 108.88 target before finding the day’s low at 108.40. Again, it really goes to prove that the professional price levels that floor traders and other pro traders use are oftentimes the only levels you need on your charts.
