oil, cl, trading for Nov 4thbig moves up and now maybe getting into resistance areas so will be watch close for how the market reacts in these upper levels, so will be looking at what happens when this red zone breaks
CL-OIL
cl, oil, trading Nov 1stOil is having a strong up move taking us to a higher distribution and if we remain above the Red zone top I think we could get to 55.30.
In the event we move back inside the red zone very likely chop.
Move below red bottom only think we get to first lower blue target.
Trade I like is a test of Red top for a long!
cl, oil, trading for Oct 31stOil is in a down trend stuck between 2 distributions so a move below red bottom should have us go back to a choppy trade in the 53.50 area and a move above the top Red zone should produce the same chop 55 area. now that could provide some nice bottom zone longs for .8 points long and a short from top of .7 points.
cl, oil, trading for Oct 20thToday due to oil inventor report at 10:30 and interest rate announcement at 2:00 the red zone will be larger, And this also makes since seeing that after RTH session yesterday we forma big balance zone.
I will be careful today but until we clear this zone will be looking for trades back and forth inside the red zone.
oil, cl, trading for Oct 29thwe are moving in a downward direction and could see this continue to at least 54.25 area. I would like to see a bounce up to short but will see how we act around the red zone. a move back above 55.60 should take us back into the upper distribution and have us enter chop around 56
oil, cl, trading for Oct 28thThe current move is long in a balancing consolidation and will need to move above the red zone for further up move . If we can not get back above I will be looking for oil to consolidate and then test lower prices again, and as a guess only I thin the 56 area could be oils happy area for a while.
cl, oil, trading for Oct 25thOil is trading in a consolidation at the top of this current range and looks like it wants to go higher. Will look long up to the 57 area on any action showing long prints
cl, oil, trading for Oct 24thOil on a strong move as mentioned one should be coming and now doing a formation of a flag that could provide a further move higher. Inside the red zone are 2 of our prior support and resistance lines(blue) and figured i would leave them on the chart today.
I will be looking for a pull back down that I will be watching to see if it holds so I can get long, this might be a trade that goes past a day trade.
oil, cl, trading for Oct 22ndBig trading range that will break out sometime but until then will be shorting from top and long from bottom, will update if anything changes, other than that not much else to say
cl, oil, trading for Oct 21stNot a lot to say about oil trading other than it is in a range inside a larger range so will be trading it like water sloshing in a bucket
cl, oil, trading for Oct 18thNow we had a very interesting move in the last 24 hours and give us more to play with. Today the red zone is now very small and will give a more clear trade opportunity so will watch close. That said being Friday the move after this pop can be consolidating.
I can see a pull back all the way to 53.75 before the up move takes off again and below that area will not lean long but think more like expanded range. And any move above 55 is to be looked upon as nice and bullish, but will wait for retests to get long.
cl, oil, trading for Oct 17thNot much to be said other than we have a nice big trading range to play off of.
cl, oil, trading for Oct 16thone more day of range bound oil trading it looks like so not a lot of new things to say. The major range is 53.80 down to 52.35 so action inside that range is going to be back and forth two sided trading,
Oil inventory report is not till tomorrow this week!
cl, oil, trading for Oct 15thtrading near settlement price of the day prior and looking decently balanced so will be looking for either a test of the red zone or a break out or the same zone. how i trade will depend on the response around the red zone top and bottom.
Both higher and lower are possible so will have to be observant to pick off good trades today.
cl, oil, trading for Oct 14thAfter a strong up move we have returned back into the 6 day consolidation zone, this is either a market finding support to move back to Fridays range or a market wanting to be complacent and move back to it's comfort zone of the prior weeks common range. I will be watching close to see if we get a upward reaction or further complacency.
cl, oil trading for Oct 11thcurrent look could be a flag and this is likely to resolve upwards. the current move is long and balanced so this both leads to a action resolution. As always will be watching my red zone for direction and the blue solid targets to manage gains.
cl, oil, trading for Oct 9thtoday is inventory report day so I will be very selective until post report.
Oil is in a big balancing zone between 53.30 and 52 and has no clear directional bias until we move outside this range. however inside this range can provide some very good trading spots so i will be focusing on the top and bottom of this range, and look at the middle of the range as a hard to trade chop zone.
oil, cl, trading for Oct 7th one more day where the upper boundary maybe tested before I can get the post published. If we get the break above will watch for some type of retrace to get long from and shoot for one or more of the upper targets.
oil, cl, trades for Oct 3rdWe are on the top of a 2 point cliff and if oil drops below 52 then the next 2 points should be a easy drop. and a move above 53 that holds could be a nice up move recovery.
I will be trading the 1 point range back and forth until it picks a side
oil, cl, trading for Oct 2 ndtoday is the inventory report so will be most likely sidelined until post report. Will be watching to see if Cushing's bottle neck is cleared up. The immediate boundaries are marked on the chart and they need to be broke and confirmed for go forward direction.
cl, oil, trading for Oct 1stThe big range from yesterday is still in play and will remain so until violated.
Today we have a smaller balance zone that could bring some decent intraday move to the bigger boundaries. At this point will be leaning more short.
oil, cl, trades for todayToday will look for long off a distribution support and if that does not hold then will be looking for 53 as lower support or target for short.
So a long from here to as low as 54.5 will be my trade idea on oil today.
oil, cl, day trading levels for Sep 27yhThe levels I am pointing out are directional signaling areas and are not always the trade trigger. after a direction is established for my trade i then need to have a triggering event. The trigger can be right at the break point but often is not and the market will have to provide me some real time info to actually create the trigger so the action can be fired upon. I look at trades as 2 parts one is a directional signal and second a trigger or action point. Action point will be looking at things like possible reward and possible risk and is the action cooperating with the signalling direction.
In the live trading room my software create triggers it is up to the trader to see if the trigger matches there personal risk reward.
I point this out because I have been getting lots of questions as of late on what my red zone means.
I will not be adding much about the market today due to the fact the red zone was broken lower as of this typing and will possibly provide a second post today after the break move has digested.
