CL Breaking From Triangle Upward - Big Range Days Ahead
CL had been in a triangle squeeze and looks like it broke out.
A strong setup for a swing trade is to be aggressive about buying if it tests the top of the triangle and the upward pointing wicks.
Intraday looking for setups that suggest day long runners.
Intraday will have a bullish bias but also expecting some strong attempts by the bears to push price back to 56, so if a bearish runner day comes along I will be looking for an entry that allows me to hold to the close on those as well.
Overall theme is the daily ATR should increase so should not be looking for frequent scalping but instead look for the single best trade of the day that allows you to capture a big chunk of the overall movement. Fading ranges back and forth will probably not work very well.
A strong setup for a swing trade is to be aggressive about buying if it tests the top of the triangle and the upward pointing wicks.
Intraday looking for setups that suggest day long runners.
Intraday will have a bullish bias but also expecting some strong attempts by the bears to push price back to 56, so if a bearish runner day comes along I will be looking for an entry that allows me to hold to the close on those as well.
Overall theme is the daily ATR should increase so should not be looking for frequent scalping but instead look for the single best trade of the day that allows you to capture a big chunk of the overall movement. Fading ranges back and forth will probably not work very well.
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This is a pitchfork I had posted a while ago that looks like it will provide some valid setups:
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Had an incredible day trading this long today
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Strongly considering a short soon, day trade.
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Not looking for a runner on this, probably looking to fade a test of the day fib and then get out when it starts to look parabolic before testing the bottom of the day range.
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Close enough to day fib that I'm looking for weakening for a short. About $900/contract potential profit without it needing to expand the range so there's a lot of possibilities for finding an entry. As usual looking for some kind of right shoulder style entry.
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Not weakening so not really interested in short ATM. Overall looking like it wants to sweep between the range defined on sunday.