CL Short at Key Pivot Level
Updated
This is a key pivot level where Supply and Demand keep fighting.
Currently in a downtrend with decreasing RSI at each Pivot High.
What was strong demand (with 3 hits) is now penetrated and became Supply.
Go short on the retrace if price returns
Currently in a downtrend with decreasing RSI at each Pivot High.
What was strong demand (with 3 hits) is now penetrated and became Supply.
Go short on the retrace if price returns
Trade closed: stop reached
Comment
Well, the level was penetrated... We'll see whether the normal level and not the pivot level would have been a better choice.Point to note is that volume has shifted to the Z contract so any trades later today will be done on CLZ2020.
Comment
There was indeed some supply at the level as it responded to 1R but there was not enough downward momentum to take it to the planned 3R profit level.
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