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CL

A very simple idea for our next setup on Crude OilToday we will show you the setup we are waiting for on Crude Oil. Our trading philosophy is about defining things we want to see on the chart and only trade if those scenarios happened. By doing that, we know that every time we are executing a setup is a high-quality scenario worth exposing our money to. Let's go to the conclusions: a) Currently, the price is on a clear bullish trend (the same scenario that before). b) After reaching a major resistance zone, we can observe a corrective situation going on (same proportions that the previous one). c) The resolution of the previous corrective pattern was: 1- Wait for the corrective pattern to be finished (around 47 days) 2- Wait for the breakout and a subsequent smaller corrective pattern (around 7 days) 3- trade the breakout towards the next resistance zone. d) What we are observing right now is the same sequence that we saw on the previous trend. That's the reason we are waiting exactly for that. The corrective pattern is finished. Now we want to see the breakout and a subsequent corrective pattern (around 7 days). If that happens, we will trade towards the next resistance zone. e) On the chart, you can see a setup plotted on the chart. That's the ideal scenario we will be aiming for. Entry on the Breakout of the pattern / Stop loss below the pattern / Target on the next resistance zone. Thanks for reading!
TVC:USOILLong
by ThinkingAntsOk
CL > opportunity for large gain over a short time periodOil is showing a classic rectangle bottom. This is a pattern at the end of a down trend. The criteria are. That one of the horizontal lines needs to be touched 3 times and the other 2 times. This fulfills the criteria. Rectangle bottoms can break out in either direction. Be prepared to take a short or long position on candle close (in this case a 4h candle.) Rectangle bottoms do even better when the volume goes down as the rectangle moves to the right. This seems to be the case here. You can also trade this by going short when price touches the upper line and buy when it touches the lower line. You can see the potential targets and they are substantial. Though I would decrease my position as it approaches the target and pocket some profits along the way. Please like and follow if this has been helpful. Ms Bunny
NYMEX:CL1!
by UnknownUnicorn11430563
17
CL > broadening wedge patternThis is a bottom broadening wedge where price enters from above and touch the lower line first. This is usually a reversal pattern but really it can break out either way. Usually after wedge is validated-( 2 touches of both lines but ideally at least 3 touches on one of the lines)- you will see a partial rise (or fall) before reversing again. I believe we are in the partial rise stage and price will reverse down. However, confirmation of short or long would be breaking an imaginary horizontal line from the rightward most side of either line. Just wait for the trigger.
NYMEX:CL1!Short
by UnknownUnicorn11430563
11
CL> I’m at bear until oil shows me otherwiseThese are three possible entry positions for a short. 1. Enter at top of down wedge. Pretty safe, and having a nice supply zone just above gives you an opportunity to increase position size if it pulls back to here. 2. Enter on retest of down wedge after it breaks through. This is safe but we are limiting our risk reward, but still very profitable. I would put stop at the top of this down wedge. 3. Enter at supply zone. This is safest entry of all. But also risk missing a down move altogether. As you can see there is always a trade off (pun intended) by taking different entry positions. A thumbs up and a follow is always appreciated Ms. Bunny
NYMEX:CL1!Short
by UnknownUnicorn11430563
4
CL> example of head and shoulders pattern with neckline triggerHere is a head and shoulders pattern and how the neckline can be used as a trigger for either a short or long position. Wait for neckline to declare itself as support or resistance. 2 possible scenarios: 1. Price breaks neckline (resistance currently) wait for retest of what would then be support to enter long position. 2. If price bounces down off neckline then enter a short position on candle close. No need to wait for confirmation because it has already been confirmed as resistance Down wedge tells me we have more room to go up. But what happens at neckline is unknown. Follow the rules above, use proper risk management and you will be okay. Please like and follow me to stay up to date on my trade setups. Ms. Bunny
NYMEX:CL1!
by UnknownUnicorn11430563
2
CL> triggers for either a short or long position.Hello fellow traders! I hope you are enjoying my charts and analysis. As you can see from my past analyses and now this CL analysis, I am strictly a trade by patterns kind of person. Wedges, ascending/descending triangles, pennants, flags, diamonds, double/triple tops, head and shoulders carry GREAT POWER especially when combined with support/resistance and supply/demand, (support/resistance is not the same as supply/demand despite debate to the contrary- though they are interlinked). I remember a quote from a ancient Greek philosopher (I think ;)- though I can't recall his name that states "with great power comes great responsibility". What is our responsibility? Always manage risk and reward to near perfection AND always use a stop loss. Some traders may not use a stop loss but I think this is a recipe for disaster. Disaster may not come today or tomorrow or next year or the year after that; but rest assured it will come. All the traders I know who did not use a stop loss did so after striking disaster. Avoid impending disaster by always using a stop loss. If you enjoy my charts and analysis please support with a follow and a thumbs up. It will make my day- believe me :) ANALYSIS OF CURRENT CL CHART: (follow the numbers below with the numbers on the chart) (please see my previous analysis of CL and how closely price has followed my idea, including the big crash the other day) 1. The basic premise of this chart is- Are we in the initial stages of forming a new downward parallel (purple) channel? This would make sense with oil and the upcoming summer. 2. We have been following the yellow parallel channel since October 2020 (Autumn- not a surprise). Now we are possibly forming a new down channel shown here in purple. We are at a critical point here with the bottom line of the yellow channel forming resistance. Price ended Friday right at this resistance. You can mentally form a symmetrical triangle around the current price action. This supports a crossroads because symmetrical triangles can break out in either direction. When 2 factors come together at once it supports your position. 3. You can see the big black wedge that is formed and you can see that price broke out of the inner wedge bounded by the red line and the black line of the black wedge. A wedge within a wedge is another crossroads sign, so now we have another signal that we are at a critical area. Price temporarily broke out of the black wedge but this was a false breakout. 4. A trigger for a long entry will happen if price breaks the black trendline of the black wedge. You may enter on the breakout (aggressive entry) or on a retest of wedge (conservative entry and you could miss the entry). 5. A trigger for a short entry will happen if price breaks below blue support line and becomes resistance. Again you may take a position on the breakdown of support or a retest of what will then be resistance (this is called confirmation). You can see that if price breaks down we still need to get through the demand zone which is weak (this could appropriately be called support at this point). If price breaks below the blue support line and especially if price breaks below the next demand zone, then I would say we have confirmation of a new downtrend within the purple parallel channel. Those are the 2 scenario's for this week. I do not know which way price will go so I always like to set a short and long trigger. If I had to say, I would say price will go back up because wedges usually take priority. But not always! If you would like me to do some tutorials on trading with shapes and patterns I would be happy to do so- let me know in the comments. I have a lot of information to dispense about patterns if desired. One last thing- the only indicator I use is RSI. This is primarily to look for bullish and bearish divergence (regular or hidden). I do pay attention to overbought and oversold but this is secondary as price can remain in these areas for a long time. But if there is bullish or bearish divergence in one of these zones it is a very powerful tool. Thank you all for listening. I always want everyone to win their trades. I never root for someone to lose money. Even if someone takes the other side from me. The market will decide who wins; not me. Again you would make my day with a follow and a thumbs up :) Ms. Bunny
NYMEX:CL1!
by UnknownUnicorn11430563
8
CL bullish bias as a wedge gets a wedgie.You can see the formation here of a down wedge within a down wedge (wedge gets a wedgie).this is the yellow wedge and the black wedge. This points to a bullish bias longer term. Though you can see I am a seller right now from 65.10 with target price of about 63.70. This is where the yellow and black wedge intersect. I love this kind of confluence. You can see an example of how price may become bullish (red arrow) by bouncing off the demand zone. However what if the demand zone doesn’t hold and price breaks through this. We could see a drop to about 59.60 as price takes the path represented by the black arrow. So watch what price does at the demand zone. If the demand zone doesn’t hold wait for confirmation of it becoming resistance and take a short position. There really isn’t great support in this area so it could be a lucrative trade. Thoughts and comments always welcome. Please give thumbs up if you like this idea.
NYMEX:CL1!Short
by UnknownUnicorn11430563
6
Trading Plan for USOILToday, we will share what we are waiting to develop bullish setups on Crude Oil Let's understand the idea: a) Currently, the price has reached a major resistance zone. What happened before? We can see that we had a corrective pattern and then a continuation of the bullish movement towards 75 - 76 b) The corrective pattern we are waiting for has a duration of 4 weeks approximately. c) The corrective pattern will be the first filter that allows us to start developing the setup on a lower timeframe, such as 4HS. d) The resolution can take between 2 to 4 months if everything goes as expected. We will make updates if the situation goes as planned. Thanks for reading!
TVC:USOIL
by ThinkingAntsOk
4
CL- three possible scenarios 3 possible scenarios. Represented by green up shade box and 2 red down shade box. So far path is following my prediction from earlier chart (see previous CL post) - green box trigger if price breaks black resistance - first red shade box triggers if price do not break resistance - second red shade box triggers if double to forms.me which would also end the green box trade As always aggressive entry on break of resistance or failed break of resistance and conservative entry on retest of this resistance. Please hit thumbs up if this idea interesting and please leave comment.
NYMEX:CL1!
by UnknownUnicorn11430563
15