We are still watching crude for an entry long. We would like to see price re-visit the trigger zone and touch the lower flag. We are being CAUTIOUS with crude. This beast can blow through an area quickly so MAKE SURE IF YOU ARE TRADING CRUDE YOU ARE USING A TRIGGER! Define your risk and be good with it.
nice) i think the best entry price would be 41 - all below that will be a risk of previous downtrend continuation
OffTheFloorTrader
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Killy...just be sure to define your risk and wait for a trigger.
Killy_Mel
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at this chart I am speaking from an analyst point of view)) (oil is not my primary trading instrument)... my idea is simple - if it falls below 41 - it will be a risk to take any long positions...
OffTheFloorTrader
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I am with you. It looks like, from today's trade, we may not get to that level. Crude is crazy.
coolingla
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What's the best vehicle to trade the crude for bulls now?
OffTheFloorTrader
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Hi Coolingla...not sure if I understand your question. If you are bullish on crude then you will need to find an entry, define your risk and pick your targets. There are other products to trade that are tied to the energy markets. The "best vehicle" is a bit subjective. You could look at the USO, energy companies on the equities side or the futures contract that we talk about here. We like to trade the CL and USO. It's a personal preference and we have been doing it for 15 years. Hope it helps.