Oil back testing the break down of a 5 month channel . Shorting VIA 1/2 handle in SCO half in DWT. I didnt think OIL would see new highs before falling again but thought they would squeeze some shorts out first so wary of trade and keeping tight stops. Target is actually around $54, with stall around $56 but ill look to take some profit and set trailing stops...
It doesnt get much easier than these!
USD or DX is our price driver but the pattern remains none the less.
Price target is $62 for profit taking, then hunting for dbl bottoms or unusual fundamental shifting in crude to spot the support reversal above $62
If anyone new to futures is playing test or real funds also look into trading 1 mini crude contract.
Please see chart for detail. CL has satisfied the technical's for the AB=C pattern with the Asian/Euro session price jump.
Watching for the D move down now.
If anyone noticed the price point bars are using candle body only. This is a Duomo method tactic that I prefer after seeing how time profiles work.
It is personal preference for tighter entry/exit strategy...