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CL - Crude on a test/retest bevor the breakdown?Here we have it picture perfect! On the left side, you can see the big sine-wave-swing. These sine-wave swings often get broken fist, before a further movement in the original direction. And so it happened. Price was not able to move further north. Oil organisations did all to keep price up - even manipulating in the news... As I wrote in the previous post: The market makes the price, not a organisation and not even a talking head. We must understand that the value of everything is determined by the trust and distrust of us, the people, the consumer, the markets! In my last posts you could (and thanks to TradingView you still can) follow my analysis and see how it evolved. It's not about my analysis - it's about the framework I use to be able to make such projections and forecasts. Everyone can do this by learning it... Back to the chart: So, we broke the big white centerline. As the framework dictates, price comes back to where it broke out and test/retest the centerline again. If price fails to jump back above the centerline, then we have a very high chance to go down to the next line, the L-MLH. If you are interested in more information about the Fork Trading Framework and how to apply it to the markets, just drop me a private message. I keep you informed about my new course material, coaching and services. Peace!
NYMEX:CL1!Short
by Tr8dingN3rd
2
Crude Oil futures long setupA pretty interesting technical opportunity has unfolded on one of our favorite instruments: light sweet crude oil futures. From a fundamental point of view, after a historically tight range-bound market, price action broke down violently as US crude inventories surprise came in early march. Price continued to fall to $47.00 throughout March. In late march, the OPEC decided to extend oil output cut by 6 months, which launched US crude oil in a healthy, sustainable rally, regaining almost all of the losses that we've seen in early march. At the end of last week we've seen price action starting to consolidate and this monday, price action gave us confirmation that a retracement is indeed taking place. This brings with it numerous trading possibilities. The situation is calling for a trend continuation trading setup. We will be looking for a long around the 52.30 price area with a relatively tight stop and a reward of at least 65-70 ticks. There is always the possibility that we might get stopped out since the market always does what it wants to do. In this case, we can re-enter a long trade around the 51.70-51.90 area which would offer a better reward to risk ratio. Since the trade-management possibilities of this opportunity are so numerous, we will update this trading idea with recommendations on trade-management and money management once price action unfolds some more and gets closer to our desired entry area.
NYMEX:CL1!Long
by V4nsceaux
CL - From Center To Extreme - There you have it once more.Here we have it. Price came way down from the centerline up to the resistance. In my earlier post I gave you the short from above, and the long from below. I was holding my Future long and the Strangle until price had problem in the middle of the fork (orange & whiate dotted line). Price reached this area on a Friday and I was not willing to risk a hard selloff and took my fat profits - as we see way too early, at least the future. So, this is LIVE trading with LIVE emotions and REAL outcomes. The Forks are the tool...what they produce for you is in the hands of a) the market and b) of YOU. Learn To Earn...why not? ;-) P!
NYMEX:CLK2017
by Tr8dingN3rd
1