After a very profitable rally across the oil complex over the past 4 weeks, it is time to tighten up stops to secure profits and position on the short side. At present we don't know whether this pullback will be a Wave 2 correction and will make a higher low in a ongoing uptrend, or whether the current rally was merely a bear rally that ended at a lower high...
There are three if/else statements with this trade.
If price fills the gap set on December 2nd and shows signs of buying, go long.
Else, stay flat and wait.
If price reaches purple region as indicated in chart, go short.
Else, stay flat.
If price reaches "Buy Here" level, buy there.
- Odds are we will see some action in this trade as long as price does...
Gas popped on the news that a line caught fire in the south of the US. So notice how the news event negated any sign of the B3 Weeklies study working. As price capitulated and calmed down, the levels in the study regained validity. The support has held and 1.4719 mean is the target. R:R 1.5 to 1.
So if you have been following my trades you may have noticed that I have been learning some new trading things. Like last weeks lesson, learning how to use a signal. Got the trade setup down great I think. Waiting patiently for the right market conditions. I just need to wait for a signal.
I think I will use price when it crosses the red 89 hour sma.
here is my next Idea I will share, just waiting for the price of this pair to migrate into the purple colored area, after it does, will take the trade when is leaves this area back to the middle of the chart.
if we come out of the bottom back towards the middle will be going long RB contract with 30 plus days to end of contract term, and shorting the CL contract...
