captain_smollett
Short

CL1!. Crude oil. Shorting possible H&S Pattern

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
9 days ago
Looks like we will start hearing positive news from the OPEC meeting tomorrow. If my chart is correct, oil             should re-visit 50s once again and it is perfectly shortable from there.

I target the April minimum of 35.20 as it is a base for an eventual Head&Shoulders pattern which is still being formed.

Also, catching a 10% ride up, is also a good idea as the stops are quite tight (around 2%) and the potential reward is good! I will long on opening with a target around 50.

If works, it should be a really-really profitable idea with very tight SLs and possible 40% of income!!
8 days ago
Trade active: Longed 45.20, moved to breakeven now. Looks like today and tomorrow will be highly volatile
7 days ago
Comment: Oil keeps running. We just let it run =)
7 days ago
Comment: I don´t think the H&S pattern is valid any longer as, probaly, right shoulder will be bigger than a head =)

However, it doesn´t cancel the short entry idea: my expected price for going short is 52.65. I also attach a Gasoline futures chart which I use as a proxy for oil. It is quite quite nice!
a day ago
Comment: I still keep that long from 45.20 because I made an alternative model where we can see 54 before a retrace. It is posted here:
OIL FIBO EXT SHORT SETUP


Huge credit to menyuken for his idea!

Oil is fighting with 50 now but I believe the resistance level will hold and we will see more up during next week
htgroup1
7 days ago
Watching for the rejection and retest of the 51, then great short opportunity. Otherwise I can see this testing the 1.272 at almost 55.
+1 Reply
captain_smollett PRO htgroup1
7 days ago
snapshot


@htgroup1, I think 55 is maybe too high. If they get to 55, they may try to close the gap on 56. Just not sure if after that they will want to have a ride down to 35 and then up to 61 again!
Reply
captain_smollett PRO htgroup1
a day ago
@htgroup1, Looks like you were right about 55 =)
Reply
snapshot


In my opinion, Gasoline futures are also close to the top
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