Trading can be simple. You do not need 10 factors, or trade enhancers to take a trade. Armed with a simple RSI,
knowledge of structure and trend is good enough. Currently, crude oil has found support on a previous support
on the daily chart and rallied into the close of Friday. For traders who want to long, well they got it. Now they
have given the advantage to the bears.
The entire red zone is the zone where i'm looking to short. So, in short, on the 4 hour chart i am looking for a
"lower high, lower candle" within the red zone($49 to $50.50) for entry and target previous support structure
at 47.25 to 46.50. Stop will be about 50.60. I am definitely going to take partial or at least tighten stop because
crude oil is trading in a enlarged range with volatility.
Hope this ideal helps fellow traders who are looking for shorts on CL. God bless and good luck!
Comment:
If the bearish Cypher in my other setup works, i wont get an entry into this short trade. I will not rush to catch an entry. It's a pity as the risk to reward is extremely delicious. Well, maybe the next leg up i'd have this setup works!