This is an area I have been waiting for weeks, and its coming up on this daily chart of Crude Oil futures.
I have highlighted the last to times price has aproached this trendline, expect to base for a bit, use an indication that turns positive and make your move.
The whole structure is in a very large triangle. I can tell you there is a fair value gap as well at in the entry target as the will get filled.
Target is to the top the triangle potentially this trade can last weeks.
I have highlighted the last to times price has aproached this trendline, expect to base for a bit, use an indication that turns positive and make your move.
The whole structure is in a very large triangle. I can tell you there is a fair value gap as well at in the entry target as the will get filled.
Target is to the top the triangle potentially this trade can last weeks.
Trade active:
At 6 AM EST - trade was executed $72.53. When I got granular this was the spot.
At the NY Open the point of control was about at 72.75 however in the afternoon they were able migrate value up to $73.36 - this gives the trade the bit of room however I noticed there is a small gap at $72.59 - there are no mistakes. No doubt working from the trendline will require patience. If price returns to $72.59 I will buy it. There was pretty big divergence where people lined up at $74.13 buying Crude this is yesterdays point of control. They will want to tap that liquidity at some point.
The ten day point of control is at $78.88 and there is lots of liquidity there too perhaps a sensible place to close the trade.
Most importantly with fairly violent move down - the trendline held.
At the NY Open the point of control was about at 72.75 however in the afternoon they were able migrate value up to $73.36 - this gives the trade the bit of room however I noticed there is a small gap at $72.59 - there are no mistakes. No doubt working from the trendline will require patience. If price returns to $72.59 I will buy it. There was pretty big divergence where people lined up at $74.13 buying Crude this is yesterdays point of control. They will want to tap that liquidity at some point.
The ten day point of control is at $78.88 and there is lots of liquidity there too perhaps a sensible place to close the trade.
Most importantly with fairly violent move down - the trendline held.