NYMEX:CL1!   Light Crude Oil Futures
Trade idea shown on chart.
Comment: Talk about a bullseye. Lower chart was projected path. Traded sideways a couple days, then dropped directly on my buy line. Now is time IMO for. $USO 18 AUG 17 C15 at .25. GLTA

Comments

Excellent view - I've used the same TL's as you but I use outermost closing prices for trend lines - I've been looking for break down from 74 targeting 69.37 but as we've broken above the longer term TL as you've shown and as we have a large daily doji indicating potential sideways, perhaps we have a couple weeks of sideways in the zone shown on your chart. I am currently in a short model at 74.12 but have decided to take partial profits on a drop to 73.23 and re-add at 74.71. Along with the TL's this chart shows Clone Ranges that I use to trade. Thanks again, great TL observation! https://s3.amazonaws.com/tradingview/snapshots/s/SNLWULak.png
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smitheric1970 smitheric1970
@smitheric1970, The light grey bars pattern if from October 2016. Overall 2016 bullish structures look extremely similar to this years.
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@smitheric1970, Agreed on the view, and thanks for the kind words. I do believe its very possible we see some sideways action for a few weeks here, or as my one possible view shows, a drop down to the 70.5-72 area. Gun to my head, I would have to choose a short position at this time, but I think you've done some smart trading by taking some profits and reinvesting in 74s. The dojis at top of this trend make me think even more that a drop down to 70.5-72 very possible, but I do believe it ultimately leads to a further move up. Good trading, and good luck!
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@smitheric1970, winner winner chicken dinner buddy lol. Now I like the $USO AUG 17 C15 at about .25.
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