Oil price action trading
- Thread starter niko
- Start date
Neither, I am not predicting anything, just pointing out the environment for today´s trading day.
We are in a trading range in the daily with Support at 270 and resistance at 900 and a midpoint at 590. We are below the midpoint which is a sign of sellers in control so far.
In the 60 min we have been in an uptrend for the past days (upward channel), but during the night we hit resistance at 550 at the top of the channel so we have sellers in control once again.
In the 5 min we are still below previous day low and lower highs which is bearish as well.
It looks like sellers have more interest in selling that buyers in buying so the trend could be down at the open (as it is).
Things to watch:
Action at the bottom of the trading channel, if it breaks it was just a strong retracement, if it holds we could be looking for buyers trying to create a reversal.
We will have to watch an follow the winning team.
We are in a trading range in the daily with Support at 270 and resistance at 900 and a midpoint at 590. We are below the midpoint which is a sign of sellers in control so far.
In the 60 min we have been in an uptrend for the past days (upward channel), but during the night we hit resistance at 550 at the top of the channel so we have sellers in control once again.
In the 5 min we are still below previous day low and lower highs which is bearish as well.
It looks like sellers have more interest in selling that buyers in buying so the trend could be down at the open (as it is).
Things to watch:
Action at the bottom of the trading channel, if it breaks it was just a strong retracement, if it holds we could be looking for buyers trying to create a reversal.
We will have to watch an follow the winning team.
I'm not trading today Niko, and I have not traded CL. But I have been watching. Here are some marks I made on my CL chart since 9 AM until now. I used trendlines and DbPhoenix's color codes. I used the yellow ellipses to marke where I was starting to anticipate a paper entry.
I saw you posting here and read you comment about 45. You can see I had a short near the pit open, and just marked a long entry.
Have a good day. I am out of here until this afternoon or evening. As I am posting this, I see CL has made it back to the pit opening range. Might set up a pullback or another short op. Ptrice is at 80 and it is during the 9:29 bar interval right now.
40 thanks for posting here.
As always great entries, I am currently using the 5 min to enter, so i took the short at 88, still in as the trend still holds. Saw the double bottom at 45 and thought about a long opp at 55, but it would require another account to trade both market directions so I passed that.
Lets see what happens next.