Neutral HOUSE outlook on Crude Oil to go LONG or SHORT...?NYMEX:CL1!
"All your life you are told the things you cannot do. All your life they will say you're not good enough or strong enough or talented enough. They will say you're the wrong height or the wrong weight or the wrong type to play this or be this or achieve this. They will tell you no. A thousand times no. Until all the no's become meaningless. All your life they will tell you no. Quite firmly and very quickly. And you will tell them YES." -Lebron James
We coming out on TOP nothing less than that! Here I have developed a High Probable SHORT or LONG based narrative, All depending on your risk appetite and perception of HIGH PROBABLE for the HOUSE to CAPITALIZE here on Crude OIL and below I break down into what I want to see develop before we enter the market. Let's get to it!!
1) On the WEEKLY TF we are currently trading inside a MAJOR Wedge. We have created eR/LQ to the upside and downside that price is just ping ponging back N forth in between. The most important part of this TF is the GAN BOX drawn out from the last WEEKLY HIGH to WEEKLY LOW and the 50% EQ Level ($76.30). That I believe price is trying to return back to ($76.30).
2) 4Hr TF I have also drawn out a GAN BOX from the 4Hr Last HIGH to 4Hr LOW and drew out the 50% EQ Level ($75.20) This is another level that I believe price is also returning to retest...
2) Now let's drop down to the LTF's 1Hr, 30m &15m.... As we can clearly see sellers have created this iR/LQ Trendline to the downside that clearly needs to be swept by buyers to create fair value in the market for both parties.
*** Now if buyers can build off of this current 1Hr Demand that sellers swept out this morning during LONDON session and we can push price back up above 4Hr Swing EQ ($75.20) and sweep the iR/LQ Trendline with confirmed candle closures above then I may be interested in going LONG...
3) Now in order to go LONG I need to see price break above ($75.20) per barrel and close above price on the 30m TF n Below. If and when we can get these sequence of events to take place then I'll be highly interested in going LONG and my target would be WEEKLY Swing EQ Level ($76.30) roughly around 110 points in our favor LONG...
OR we can just wait for price to reach Weekly Swing EQ Level ($76.30) drop down to the LTF 15m and just wait for a confirmed 15m CHoCh (Change of Character) and then go SHORT, Targeting 4Hr Swing EQ Level ($75.20) roughly around a 160 points in our favor SHORT Depending on Entry...
4) I'll keep close update as PA develops and we have more data to work with.
Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently. Let's Keep Steppn!!
Stay Focused & Reach Excellence!!
#BHM500K #NewERA #Champions
