Futures and forex trading contains substantial risk. Past performance is not indicative of future results. See full Disclaimers and Disclosures at Legal. Scroll to bottom of page to Unsubscribe at any time.
With the storm approaching at Sunday’s open, I thought I would share some screenshots of the underlying structure of CL using various time frames.
Monthly Distribution with Daily Candles
Price flushed down in August, hit the first fib level, and then is returning back to the mean, making a perfect V bottom. As you can see, there is plenty of room left to move higher in price. The Monthly PT1 = 70.99. Breaking that level and moving inside the monthly 1s is very bullish for price.
This is a Daily Distribution with 30 Min Candles. Price is riding above Daily PT1 which is bullish. Targets are Daily PT2=69.22 AND PT3=69.80, walking us back up to the lower monthly PT1.
Here is a 60 Min Distribution with 30 Min Candles. This time the PT1 pin is on the lower 1 which is situated above the prior distribution, so the range distributions are moving higher after last Sunday/Monday’s big gap up.
Last but not least is a chart with multiple distributions; the Daily and a 5 Min Range on 30 Min Candles. Perfect algorithmic tail extensions. Reach out and touch me. You know I have to play that song now.
Ok, I thought Crude traders would appreciate this lower time frame nested inside the Daily. Give you some ideas on how to position trades in future.
Just reach out for the targets and manage risk. And do your own due diligence.