Oil price action trading

Premarket View

Daily, we are still in the beginning of what looks like an uptrend coming out of a hinge 1st BO RET. Never the less we must be cautious as this could also turn into one of those hinge over hinge formations and leave EOD longs trapped below 112. LOLR=UP

60 min

The uptrend still holds, after a strong Friday morning buyers and sellers went into stalemate and formed a congestion between 9.7 and 10.5. in which we still are LOLR= Horizontal

5 min

We are still below the PDH and in the middle of a congestion, there was an attempt to aim for the top of the hourly range at 48 but buyers were stopped at 38, a level that has been important premarket. LOLR = Horizontal


AS for things to do today, REVs at the extremes of the TR, be ready for a BO.
 

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Not an easy day, I still cant get the readings of S and R as well as with NQ, that turns into difficulty in avoiding subpar trades I think.

In hindsight only the first and the third trade were valid, the second had S at 74 just below it.
 

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Daily:

The rally that looked like the REV towards the year high at 112 failed around R at 110, no we are back in the TR and also in what looks like a hinge on top of another hinge. LOLR (Down with risk of chop.)

60 min

We are in a downtrend, after failing to break above PWH, at the time of the post we are at PWMP, that coincides with a congestion around 107, this could provide some demand and slow the trend or even reverse it. (LOLR: Down)

5 Min

A strong push premarket took prices below PDL, we are finding S at PWMP and the SL is under attack, LSH still holds, and there is no HL, but we could be at an interesting spot regarding the health of this downtrend.
 

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10:14 Has not been an easy morning so far. Prices found S at 6.50 and after breaking the SL in the 1 min, have been rising in a very slow pace.
 
10:45 Looks like the REV is failing at R at the PWMP. If buyers give up, Sellers might push for a test of S at 6.70
 
Daily

We are still in the hinge and at the DL from late june, a break below this line could mean a potential REV of the untrend that started in june. LOLR: Chop within the hinge. Look for direction after a valid BO

Hourly

Looks like yest chop was the end of the downtrend around PWMP and S below 107. Overnight buyers pushed for a HL and finally broke the SL premarket. (LOLR: UP)

5 min

Buyers gave up their rally attempt around PDMP, but then sellers failed to break S at 7.20, So far looks like we are in the beginning of a REV, but this could easily turn into a RET if buyers fail to breach 7.55 that is the MP of the last downswing. (LOLR: Up, but be cautious with a failed REV)
 

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Daily:

Sellers were unable to keep prices below the DL and to break out of the hinge. LOLR: Congestion

Hourly

Yesterday, buyers managed to break the SL from the 8th, but given the fact that it was inventories day, prices just built a large TR. This morning prices found S at PWMP and buyers managed to hold the market above PDH, signaling strength. We are now in what looks like a channel, so buyers could try to break R at 8.60 and try to push outside the SL of the daily hinge. (LOLR: Up)
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5 min

We are still in an uptrend, there was a strong RET but it stopped at the 50% level so buyers are still in control. Anyway, if buyers can´t keep pushing an take prices above 8.70 this could turn into a choppy start of day. (LOLR: UP, with risk of chop)
 

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here's my CL chart today

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I am going to perform the same analysis I am posting on NQ with Oil, although precise S/R levels from previous days are usually not respected by buyers and sellers I am finding that premarket levels and intraday S/R levels tend to hold.

1. At the open price had been falling from R at 60, But at the open the tide changed and buyers rejected sellers at 20 with a strong upswing, I bought that rejection, being cautious with the fact that R was close.
2. Buyers reached 70, but then at the next upswing lost interest and failed to break above LSH, the DL from the open was rapidly broken and I awaited for a LH to form to exit the long and take the short. I had 7.80 as a potential S area, as sellers approached this level, lost interest as well, as soon as i got a close to the upside I new my short was in danger, and being so close to S i decided to close at the market.
3. But then SL held and price started falling again, so i decided to reenter in the short side.
4. Sellers failed to breach S, so my bias changed and as soon as SL was broken I took the long and closed the short. This long was rapidly closed as the DL was broken.
5. AS i saw it at the moment this could start getting choppy, so I preffered to stay out untill things were clearer for me, it happened after R at 8.30 was tested and sellers failed, I shorted the LH after the break of DL, but it failed rapidly.
6. After a next buyer attempt to break above R and a failure after a small poke, i decided to wait for a break of the TL before committing any money. I managed to short very close to the danger point.The fact that prices went against me all the way to LSH was stressful, but I held the position.
7. I decided to tall it a day, but then I realized that buyers managed to hold prices and mark a HL after the break of SL, this was the entry of the day, but i was not there...
 

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