Week Plan: Chop Back To 56
Intraday bias this week is for a choppy upward trend back toward 56.
Because it's probably going to be choppy, shorts will be allowed but for the most part will be looking to fade the bearishness with tight stops on double tests of extreme lows of the day.
Not expecting clean parabolic price action, there will probably be opportunities to find double bottoms that define the best price to buy for the entire day.
Key is to get a position and don't get shaken out of it. In the last two weeks I've had several excellent entries which would have been huge winners but wasn't able to stay in the trade long enough and got wicked out on my break even stops.
Plan is to focus on getting entries that allow me to have such a small initial risk that I do not have any need to move the stop for the entire day and can hold for at least an hour and possibly to close.
It's also worth noting that CL has basically two active bullish pitchforks and it's on the support line for both. This is a good area to expect support even if it's choppy.
Because it's probably going to be choppy, shorts will be allowed but for the most part will be looking to fade the bearishness with tight stops on double tests of extreme lows of the day.
Not expecting clean parabolic price action, there will probably be opportunities to find double bottoms that define the best price to buy for the entire day.
Key is to get a position and don't get shaken out of it. In the last two weeks I've had several excellent entries which would have been huge winners but wasn't able to stay in the trade long enough and got wicked out on my break even stops.
Plan is to focus on getting entries that allow me to have such a small initial risk that I do not have any need to move the stop for the entire day and can hold for at least an hour and possibly to close.
It's also worth noting that CL has basically two active bullish pitchforks and it's on the support line for both. This is a good area to expect support even if it's choppy.
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