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Short

Simple 1-2-3 Short Scalp?

NYMEX:CL1!   Light Crude Oil Futures
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1-2-3? What is that? Feel free to read more about my favourite Setup:

We have reached the min correction Level 38,2 @ 45,12. Here the sellers waited again. Let`s see if the consolidation will go further up to the max correction Level @45.5$

-Breaking through the illustrated last valid "2" will activate the shown example-shortposition (SL near above the possible "3?", TP= "2?"

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Main View:
Can this be true? Dez 2016: 75$ ???
https://www.tradingview.com/chart/CL1%21...
What do my tired eyes see?? Isn`t it a big bottom pattern in form of an exemplary H&S?
The RSI signs, that there is still a bit air on the downside. A dip back to the 38,2 fibo @ 41,92$ would be great. A dip to the 0,5 fibo normal and a dip to the 61,8 maximal.
If this level would be bought, a H&S is being formed. Prices above the neckline could interpreted as a BIG LONG SIGNAL.
I have illustrated the possible TPs in my chart

Update Main View:
https://www.tradingview.com/chart/CL1%21...
Today we have reached the 61.8 fibo of the downswing 51,6-39,3 (yellow fibos). The open position is comfortable in the win (+7.25$).
At this fibo level a corrective downmove is possible (BBs are stressed out) - perhaps down to the "traders dream" - the 38,2 fibo from the movement ( 39,3-47,04) at 44,82$ - the former breakout level!
At latest here the present midterm uptrend in this tf should be resumed.

My Main view is still active!

Comment: we are trading near the short/-Long trigger - the rsi is oversold again, so we can exspect a little spike before the possible bo
Comment: Nearly operfect! It s time to lose a part of the position and adjust the sl very close to the present price
Trade closed: target reached: tp reached..nice ! longchance now?ß
Comment: new view here:
Comment: consequently the sl should be a bit below 42,95..here is the above illustrated 6+2,8 fibo in the higher tf - but for a scalp it would be too wide, for a position /tactc trade ok
Comment: let´s close the scalp..it seems bearish furthermore
Comment: perhaps we could try again the same at the exact trendline ?
Comment: or let`s catch the breakout up to the resistance (last support)
Comment: this would be the riskless version..i don`t like countertrades..i never catch the bottom..so let`s get stopped in end let the market decide if the position gets triggered or not
Order cancelled: i cancel all longorders.i don`t want to fight against the trend...
just waiting ,looks risky
Reply
Nice analysis MaryJane! Thanks for sharing :)
Reply
thank you Mary
Reply
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