There seems to be a kind of flag forming which suggests a continuation. So far there has been a bounce from the .382 of the high to low...I am watching this area again which also happens to be the confluence zone of a potential Bat and pattern.
As per my new strategy I will be looking to enter upon a candle on the small time frame with my stop loss below it, and look to move to breakeven/cover costs after I am up some pips. If I get stopped out, I will watch for the next candle and try again.
If you have any comments or feedback on this idea or your own view on Crude Oil , please share it with me! Good luck in your trading.
Time to pay attention!
Got in at the 50% retracement from the bounce (45.89 on contract) -- has continued to bounce and now have my stops covering costs. If stopped out I am very interested in re-entering...I would watch these fib levels for entry if I wasn't in!
First attempt was stopped out with no loss...unfortunate that level turned out to be the .618 of the larger bounce but wanted to stick to the plan.
Will watch closely here..and upon a re-test of the PRZ
Entered right before this screen shot...45.84 on contract. Stops below the current low, at 45.73.
After I am up ~10 pips I will again move to cover costs
Went up 9 pips and considered moving to breakeven/cover costs but strayed from my strategy and it cost me 11 pips. Lesson learned!
Now looking to get back in lower...so far a bounce from 45.50, 1 pip away from where my =