- Beginning with the Weekly ES chart we can clearly see the market has been bullish. However, my long-term bias is that we still have more room to trade lower this year.
- Looking at the weekly chart I have marked two price levels during April 2022: 4378.50 and 4308.50 with the latter being very important. Between these price levels is a clear gap that remains...
- In the past few days crude oil has traded within a range delineated by the dashed lines at 102.00 and 88.23 price levels.
- When you turn to your chart on a 15min timeframe on July 5th 2022 a large price movement from 104.95 to 102.31 occured with no time for buyers to participate.
-My trade idea is that price has created a "double-top" at the 102.00 level...
As I have mentioned in the past I was looking for a Daily Break of Structure (BoS). Once price retraced back up I looked to enter on the liquidation of an old high and fill of the imbalance zone to offer buyers a chance to buy, I faded those buyers. I entered about 50% fill of imbalance.
This is not meant to show the entry model. This post is to display...
Although crude oil has continued to deliver higher prices since my last post. My overall bias has not changed. Imbalance areas were filled partially on lower time frames at the 123.18 high. This does not mean we have created a top. I will continue to observe price action for a break of market structure on a daily time frame to the downside. Then, I will look to...
Short CL bias,
- buyside liquidity has been taken above an old high of 116.74
- Shift of Structure has occurred below the old high of 116.74
- imbalance zones left behind. Orders will reach up to offer buyers a chance to buy.
- looking to enter a little early to ensure I get filled at 116.70.
- stop loss at 120
-take profit at the low of 88
Short Bias,
- Price delivered above 114.83 to liquidate any buy stops and induced buyers into the market.
- The next draw on liquidity (final target) is the relative equal lows at 61.56.
- Looking at the dealing range from 130.50 to 92.53, price peaked just below 92.53 and is currently seeking liquidity to the upside above 116.64.
- Above that high is also an...
The yellow lines on the chart represent the broadening formation. The thin blue lines represent the possible stop-limit orders. We'll could see a drop to the low 30's before we rally up.
