* For the past 3 days Oil Bears got rejected for a downside below the $48:80 and It passed today but bounced back to above the $49 Area
* March bounce was at exactly Fibonacci 50% (Weekly)
* April bounce might be Fibonacci 61.80% (weekly)
If you are a gungho juggernaut trader like myself, then give it a long with a SL of $48.20
If we succeed to take it up...
I will be short from here untill My stops pop above the 50:80! I won't even bother scalping, going for the big fish!
If you see , EVER see CLK dropping below the 47! EVER ONCE IT DROPS to the 46 handle (46:50 - 45:50) BTFT! Start buying slowly
Till then, GL!
I guess the supply glut is already priced in the market, a new build won't be a surprise for many traders, but what might be shocking a good draw!
I will trade a 1 long round trip (possible entry at 48:19 or 48:15) with a SL of 20 ticks.
If the US open takes this above the 48:40 you will see it climb close to the 49 handle (48:85)
Possible exhaustion shorts to...
A possible drop to the 47:10 or 46:90 Today March 27 2017
1 Round trip deal to the lower 47's is possible.
Test a second Long Round trip from the 46:80 or 46:90 if those targets are on your screen.
If your hit your stop loss stop trading.
For the CLK17, my Stop/Loss has popped and I am currently having a different setup and plan that differ from the normal short term strategy! Just waiting for a drop to 46-45 handle!
Look folks if you have a USD 10K Margin account and you trade daily based solely on just bars without indicators, You can easily hit those 20/30 ticks multiple times a day with daily...
Trade what you see!
If the 47:70 is broken, then look for a 44 and 45 target, but with this consolidation in my chart I don't think it will happen.
Trading is all about stop loss and money management , always make sure you have your stop loss, ALWAYS!