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CL

oil, cl, wti, day trading for Aug 28thoil is inside a very large distribution between 53.50 and 56.40 and looks very happy trading this range, so until we get out of this area I will be looking for it to keep finding the top edge of this range then dropping back to 54.60 area consolidating then deciding what edge to test next. I see the same thing from the bottom edge coming back to the same test point. This pattern will repeat until this distribution is broke. The break should give a very good clue to the big picture direction. There could be a very good premium selling opportunity at this level, just make sure if you do that is make it a limited risk trade.
FX:USOIL
by alleytrader
cl, oil, day trading for Aug 27thThe session so far has been very balanced and is inside yesterday, so I will be looking for a sideways action to trade until we can move outside yesterday's action. the line drawn are containing that action and will give clues to the intraday scalping trades, if we break out will provide targets at that point. will look for a move down to 54 and then be trying to get long up to 54.75, as my primary plan, and will revise this plan if this idea does not work out.
FX:USOIL
by alleytrader
1
oil, cl, day trading for Aug 23rdoil trade very orderly until the tweet(did not check assuming tweet, but does not matter same effect) drop early this AM. and now we have a interesting situation. 1) we can retrace a little and keep moving down, I will be watching my Red zone. 2) that like other times we retrace the entire move back to location at time of tweet. Again watching close my red zone and also watching to see if we get back into yesterday distribution for directional clues.
FX:USOIL
by alleytrader
cl, oil, day trading for Aug 16thoil looks to be very balanced and is getting ready for a good sized breakout, I do not think the break out happens today but the outside blue boundaries, if broken will change my mind if a move out side this range is held. So today I will be looking for a range bound day with two possible trades. 1) short from top of blue zone and long from bottom of blue zone and 2) a 50 rick break above the top of the red zone and a 50 tick break below the bottom of the red zone.
FX:USOIL
by alleytrader
cl. oil, day trading for Aug 14thYesterday, wow, what more can I say, it did what I thought it could do but sure did not give much time to react, so will just move on. The high in oil I would say is above yesterday so will be looking a bit bigger picture to be bullish oil. but will also watch the red line boundaries set out. The boundaries are not as clear today as normal but will still work to help pick a bias to what side I like to be leaning on. We have returned to the spot we where at prior to the pop up so a choppy day to re work this price level would not surprise me, however a bigger move would not ether. I know talking non committal but the action will help form that commitment so lets observe and see what trade I can get off.
FX:USOIL
by alleytrader