It is no surprise that oil prices have been rising. With the recent attacks on Saudi oil reserves it is very clear indication that Octobers oil prices will be higher than the past quarter year. As an active Day Trader I believe in technicals first and the price looks like an excellent inverse head and shoulder setup for the near future. Before we see an...
looking oil in daily timeframe we see some rejection.
possible head and shoulders in hourly.
wait for the 8 am spike in volatility 58.26 or 58.47 possible entry .
10 tick stop from entry point.
lets see what happens
CLV9's relative performance to an assumed Risk Free Rate of $54.00. Pivot highs and lows during the last 8 months are taken as sample series for the calculations. Given the high Sortino ratio, opening long positions around the 54 mark looks reasonable. Wide stops tend to increase odds of landing a trade significantly.