Crude is providing a nice technical entry at the moment so I thought I’d document some of the action that’s been happening on that contract the past few days.
CL 300 tick
AlthoughI have highlighted what I consider the best trades, I have only traded the ones with a green underline – including a currently open position short 2 which is in the red at the moment. The setup is bearish continuation (bear flag channel, double top) following a head and shoulders reversal (see 15m, 30m timeframes).
I took the symetrical triangle breakdown yesterday and exited a little early because I had a report to write. I missed a hum dinger as I ate dinner tonight, as highlighted by the gray rectangle.
This was a brief pause in price below the head and shoulders neckline. These are diamond setups because they have such low risk and offer a lot of point potential. The trade I have open now is in a similar price range; I wonder if I would have held this bounce if short at the original setup?
