After a $3 pullback week of 04/01 WTI saw a significant jump despite inventory numbers proving week of 04/08. This was accelerated due to obvious fundamental forces. But also, see my prior study below and notice how the technical's were demanding a $67 price point before last weeks Syria drama took front row. I personally snagged 5 contracts long 04/06 @ Friday close.
Aside from obvious API/EIA numbers this week I will be paying attention to anything fundamental related as it seems to be in the drivers seat. Every foot in the mouth or economy related news item should create good opportunity to scalp momentum strengthening/shifts in the order book. I will not be holding anything long without a 100+ tick buffer. and take profit stop. Pay attention to the provided fib levels and think about where the market can move above or below each price point. For newer traders sometimes its good to just sit and watch because things can get unreasonably volatile between 9-11am EST.
69 was a key price to reconsider snagging pullback trades before adding long if the tea leaves show the pullback is short lived or full reversal
still short, held contracts at 68
very confident the run was manufactured and reality will set in
stick with your trade or dont, thats the game we play
the study is an AB=CD move target $72 dollars
I stated midway that after $69 was reached we had reason to expect a pullback
for 2 weeks the market consolidated in the 67-69 range but disregarded the retracement due to high theatre by mr donald trump and Brent racing to new highs
my apologies if updates were confusing as I see now my updates are all over the place on this study
tbh I'm disappointed the tview interface allowed me to branch off the way it has because updates used to be not like this
regardless my final update I did state my 2nd short trade fell through but the $72 target was reached
was there something else I missed?
thanks for the critique and if I choose to post anymore studies will take the comment tree into consideration
Great trades in April kept me in the positive so no worries and plenty for the diary!
I'm expecting a nice overnight jump into the $72 range, but we will see