Oil price action trading

Daily

After an small congestion below R at the top of the TR seems like the breakout of the hinge is being confirmed. LOLR is up.

Hourly

The last two days were a hinge with its respective BO and REV with a Test of MP, yest afternoon buyers took prices decisively to the R at 8.60. LOLR is up

5 Min

After a failed attempt Premarket to take prices down belos PDH and R at 8.60 buyers defended the rally and the DL remained intact, then came the real break.

At this time we are experiencing some R around 9.20 for which i cant find much of a justification. LOLr is still up with probability of turning into chop is 20 holds.
 

Attachments

9:18 We are in the chop, buyers are unable to break above the top of the current TR. Sellers are not that interested either as DL has been holding so far.

9:20 DL is in trouble, but LSL still holding.
9:23 LSL gone, bottom of the TR between 30 and 25.
9:28 So far sellers cant make it to 30, stuck at the MP of the congestion.
 
10:20 It has been a very choppy morning, After the first REV failure, buyers have been trying to break above the HOD, but still cant make it. Anyway, DL still holds so no shorts so far. Guess there was a long opp at 10:00 but it is not part of my system so...

Guess I will have to come up with something for a failure to break a D/S line. As the failed REV that turns into a RET seems to be usual in oil.
 
10:37 10.20 seems to be providing some R.
10:44 R at 20, LH+break of DL, entry was tricky as i guess at least 1 stop would have been activated before the real downwave took place.
 
10:59 looking for a long at 96, asuming i am in a RET here.
11:06 Buyers left, and we are in the middle of the chop. Out on 93
11:14 after buyers took the top of the TR, reentry at 07.
 
11:39 Buyers could not get pass 35 and look like we could be either in a DT or a TR RET. Lets see.
11:42 Perhaps they are coming back for more, 35 still a hurdle.
11:48 Looks like chop in the form of an "ascending triangle" anyway, lets wait for the BO and see what happens.

A BO here to the upside if fueled by volume could mean an attempt of buyers to try to get to 112 again. Lets see. Perhaps they stall.

11:51 5 min DL under attack, too close to 12, so I will call this a day.
 
Daily recount:

1. Short at the break of DL and a LH in the 1 min. No FT so decided to exit.
2. Not sure about REV or RET so i missed the long, big mistake in retrospect. Will have to incorporate that into the plan somehow.
3. New RET opp, no FT and decided to exit, then i thought it was too early as DL held in 1 min.
4. Reentry as there was no FT to the downside after stopped out. Could not break above LSH so I decided to get out at the break of DL in the 1 min.

Chart attached.
 

Attachments

You must log in or register to reply here.
Back
Top