cl, oil, day trading for Mar 23rd 2020Today we are again digesting some extraordinary moves and need to look at what is really happening. I am watching 20.50 as a very important lower level . I am not looking at targets today but more observation of what the activity of the day will be, the range is massive and there is plenty of room inside the range to have large trades so as long as inside this range no targets.
Everything has been very sold and a technical bounce could happen at any time
CL
oil, cl, day trading for mqr 20th 2020We have dropped below normal red zone low and now the level to watch is the current low, this will be a important level to help find today's direction. I do not see ( unless news) a much higher move above the current highs. however can see a test of the lower balance point very easily.
Oil ranges have been very large and provide some good trades but also lots of risk if managed poorly.
oil, cl, day trading for Mar 19th 2020yesterday saw oil drop hard into new lower levels and now we are in a bottom of range balancing zone. If we stay in this range I think we break down for mid teens to what could be the bottom, however i am beginning to see a case for oil below $10.00 also.
A move above red zone could take us back to prior RTH session low and then see if bulls have any mojo left. This range is big so should be able to find action today.
oil, cl, day trading for Mar 18th 2020A down move over the early session moves below prior support levels and sets up a move into teh higher teens. Will be watching for any type of bounce and if this bounce fails will be hanging my hat on the short side. also will get short on a impulsive move down that gives me a pause to jump on.
Lower target 17
Please look at your chart and the usoil TV chart I have cl numbers coming in .40 higher than TV
cl, oil, day trading for Mar 13th 2020Today we are in a very big consolidation, and inside that have to be thinking back and forth so as oil moves up to red zone and or the first blue target I will be looking to short oil, this can be a day trade or a longer time hold, however much over first upper blue target the bear maybe dead and oil could take off so play safe if a swing trade. and always when a day trade.
Also in the event a move down to red bottom will attempt a scalp back to red high.
cl, oil, day trading for Mar 11th 2020Oil did what i mentioned yesterday and chopped inside a small range, now that range has expanded and looks like will still be choppy. Choppy until some real news is my thinking. when it break a few fast points will come in on either side of the balancing zone.
So today will look for longs near red bottom and shorts near red top.
oil, cl, day trading for Mar 10th 2020Oil could be moving into a multi day smaller range consolidation so watch for a day of tight smaller moves. On the other hand if it breaks the consolidation a good sized larger move could easily happen so do not get caught thinking you know what will happen in oil. Play the action and the reactions. right now we are finding support that is decent around 32 and is an area I will be stalking for longs bounces to top of range.
oil, cl, day trading for Mar 9th 2020WOW, it finally hits and take us to completely new levels not seen in years. and look like a retest of that low from way back then.
As always just follow the reaction around the red zone, and see if the impulses can guild you and not react emotionally to this drop. pretend it did not happen and react to what the market brings.
oil, cl, day trading for Mar 4th 2020Today not even going to talk direction or targets, we are inside the red zone consolidation until we are not, and when we are not that is very important information. So i will be looking for trades using the sloshing of the market until one end of the tub over flows.
wti, oil, cl, day trading for Mar 3rd 2020Well oil has bounced up some and needs to show us it wants to go higher before getting long today. The range for the day is plenty large enough for good R/R trading from the red highs and lows, but watch for impulsive action near these levels. My gut ( for what it is worth) says oil will move higher , but always be ready for the down side test as it looks for those long term buyers.