WTI Crude - AB=CD Bull with ranges

NYMEX:CL1!   Light Crude Oil Futures
Oil "appears" toppy but is strong trading week of 04/15.

After a $3 pullback week of 04/01 WTI saw a significant jump despite inventory numbers proving Bearish week of 04/08. This was accelerated due to obvious fundamental forces. But also, see my prior study below and notice how the technical's were demanding a $67 price point before last weeks Syria drama took front row. I personally snagged 5 contracts long 04/06 @ Friday close.

Aside from obvious API/EIA numbers this week I will be paying attention to anything fundamental related as it seems to be in the drivers seat. Every foot in the mouth or economy related news item should create good opportunity to scalp momentum strengthening/shifts in the order book. I will not be holding anything long without a 100+ tick buffer. and take profit stop. Pay attention to the provided fib levels and think about where the market can move above or below each price point. For newer traders sometimes its good to just sit and watch because things can get unreasonably volatile between 9-11am EST.


Comment: hope eveyone had some longs this week and took some profits
69 was a key price to reconsider snagging pullback trades before adding long if the tea leaves show the pullback is short lived or full reversal

Comment: todays trading notes
still short, held contracts at 68
very confident the run was manufactured and reality will set in
stick with your trade or dont, thats the game we play
Trade closed: target reached: very nice!
Er, with the low today at 71.52 how did you mange to close the short ? You say target reached...what target was that? Sorry for confusion
j_nathan sumastardon
the study is an AB=CD move target $72 dollars
I stated midway that after $69 was reached we had reason to expect a pullback
for 2 weeks the market consolidated in the 67-69 range but disregarded the retracement due to high theatre by mr donald trump and Brent racing to new highs
my apologies if updates were confusing as I see now my updates are all over the place on this study
tbh I'm disappointed the tview interface allowed me to branch off the way it has because updates used to be not like this

regardless my final update I did state my 2nd short trade fell through but the $72 target was reached

was there something else I missed?
thanks for the critique and if I choose to post anymore studies will take the comment tree into consideration

Was a wild ride but the liquidity wolves got that prop desk credit card out and raced oil to new highs with no regard towards long term structure. I actually took a hit playing the retracement that never happened. Any new traders try to learn volume and TPO profile. There is some good free info out there and TPO charting really does help define when a trend is in continuation at times like this.

Great trades in April kept me in the positive so no worries and plenty for the diary!

we have structure for target extension 71.96 which is 1 tick away

long position in, gltu!
j_nathan j_nathan
@j_nathan, anyone actually following this structure know that Brent is on crack, the current spread is over $1 more than usual with WTI

I'm expecting a nice overnight jump into the $72 range, but we will see
05/08/18 notes
see chart
for this am 68.30 - 69 are good scalp range if not already long otherwise looking strong going into todays report
j_nathan j_nathan
@j_nathan, apologies meant to say entering current price up to 68.30 - 69 range for exit
when i see a possible strong reversal sometimes it is simply a place for the long trend to continue - see this 4hr dual oscilator then look at the 1day
j_nathan j_nathan
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