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Crudeshort

Crude Oil Short OpportunityI posted a lot about Crude Oil on my Website and also on YT. The first short was nice success. Now we get the chance to do it again "Sam" §8-) This current test of the L-MLH of the white Fork was brutal. The squeeze is similar to the one of the 23rd of September. Just a little smaller, but more vicious. As for a Stop, I think it needs top be at least above P2. This gives us a Risk to Reward > 3, if price can tank down to P3, at the L-MLH of the red Pitchfork. As always, play it small in these vertical markets. Don't try to be a Hero. Just protect your Capital. All the best Tr8dingN3rds §8-)
NYMEX:MCL1!Short
by Tr8dingN3rd
Crude oil sell zoneSell limit 78.40 Stop loss 79.40 Take profit 62 After our previous trade was successfully hit the target now we looking for a possible sell zone to take action in it. Disclaimer The contents on this site are for informational purposes only and do not constitute Financial accounting or legal advice I can't promise that the information shaded on my posts is appropriate for you or anyone else, by using the site, you agreed to hold me harmless from Any ramifications Financial or otherwise that occur to you as a result of acting on information found on the site.
CAPITALCOM:OIL_CRUDEShort
by AahmedD
Crude Oil - A case for a drop to $70 Crude to $70? Am I completely out of my mind now? Well, some think yes...and me sometimes too when I do my TA. So what is this chart analysis trying to tell us here? Let's start with the white pitchfork: The white pitchfork on this chart projects a higher price in CL within it's boundaries. And there is also the dashed line, which we Forkers call the Centerline or short CL. From the rule set of the pitchfork we have a statistical evidence, that price will reach the CL over 80% (from where and when is another discussion). And we see, price reached the centerline by the pullback after the sharp drop in March. From there, price either returns back to the extreme from where it came. In this case, the L-MLH, which price did. So far Crude seems to follow the rules very good. Let's move on... The L-MLH: After price reached the L-MLH, price broke out of the pitchforks "channel". Do we have a rule for this case too? Yes, and it goes like this: "After price opens outside the pitchforks channel, breaking the MLH, price is likely to test/re-test the line which it broke. In this case the L-MLH again. And that's exactly what we see now. Price is testing the L-MLH for the first time, even trying to trade back into the pitchforks channel. Now, if price fails to reclaim the channel, we will see lower numbers and potentially even a re-test. What about the red pitchfork? The red one is a modified one and has a historical background. More on this another time. It's nice how price also followed the rules, reaching the centerline of the red pitchfork, and is pulling back to it's U-MLH = Upper-Medianline-Parallel. Even better, price trades very near the confluence point of the red U-MLH and the white L-MLH. So what, how is this projecting a price of $70 in Crude? Well, if price can't reclaim the channel of the white pichfork AND can't leave the red pitchfork, then it has to trade in the projected direction of the red pitchforks, if we assume Crude is still following the rules more or less. Of course, on the way down everything can happen. Most likely, in the mid-term time-frame, we observe that price at least doubles the range of the pitchforks channel extremes, so: Target after leaving the channel = L-MLH - (U-MLH - L-MLH), at least But we all know that trading is not about perfection. Trading is about risk management and taking statistical chances when they show up. And we need to follow proven rules, which should give us a statistical edge. That's what we can do with pitchforks. Trading a great statistical edge, combined with a framework in our trading to know when to enter, exit and how to manage risk and money. Wearing my short stalker Cap and hiding in front of my screen, I wish you all healthy and happy Easter.
NYMEX:CL1!Short
by Tr8dingN3rd
CL1! - Crude Oil Turning SouthHowdy! How's it going? Weirdo markets right now in my opinion. But there's always a market we can play. Let's see what we have on Crude Oil: Isn't that price behavior wonderful? The max. excursion line marks the upper resistance on the weekly time frame. Go, watch crude on the weekly. There's a observation to make, right at the top of EACH of these turning points. Tell me what you find ;-) Now, since we have identified the upper extreme (we have a high probability that it IS the upper extreme for now), we can look for a trip to the south = shorting the market. Five signs as a filter: 1. a tiny H&S 2. break of a short term TL 3. break of the RSI 4. divergence of the AO 5. second cross of the MACD I really don't need more to short this market ;-) Don't forget to let me know what observation you made on the weekly.
NYMEX:CL1!Short
by Tr8dingN3rd
Triangle in Crude can lead to lower levels (Elliott Wave)The current progression being sideways and overlapping seems to be a Triangle formation with the current progression being in the Wave (d) of the same. If this is the count market is following then once we have the Wave (e) complete to the upside we can expect down move for Wave .v which can take the same to Targets : T1 : 65.94 T2 : 64.09 with SL : Current Invalidation level : 70.18. However once Wave (e) is complete we can move the SL above the same and reduce risk. Hence for now wait and watch for possible Wave (e) formation and we may have a good shorting opportunity on hand here.
TVC:USOILShort
by NeeravYadav
Pullback expected before the next down leg (Elliott Wave)Crude currently seems to be in the ending stages of the first Impulse down from 72.87 level. This Impulse down was sharp as is expected after an Ending Diagonal is formed, from what is visible now we can complete this leg down near 64 or 63.30 level and from there form atleast a 3 legged correction to the upside for Wave 2 or Wave B which can take Crude possibly till 68.30 levels (more clear targets will be visible once the bottom is formed). The important thing here is to wait for the pullback for adding more shorts or initiating new shorts to the downside which can take Crude till 59.40 to 56 levels.
TVC:USOILShort
by NeeravYadav
Expecting sideways to bearish movement in Crude (Elliott Wave)Crude has now taken the low of W.W out which means that we have possible W.Y in progress of W.B of Triangle of W.X, in either case expect sideways to bearish movement here, also a pullback from near the current market level is quite likely as we are at channel support level and W.W =W.Y 1:1 equality, if this market completes the W.Y at this level then expect a Triple Zig Zag formation. Both the possible scenarios are presented on the chart as Hypo 1 (Red) and Hypo 2 (Cyan).
TVC:USOILShort
by NeeravYadav
Very Low risk shorting opportunity in Crude Oil I currently have 2 counts that I'm following in regards to Crude, the first one above (Red only the Red labels) is taking the current Wave iv progression as a Triangle and the other one down below is taking W.iv as a Complex Correction. As per both of these counts the Invalidation Level is coming around 58.56, which means that a move above that level would mean the Invalidation of both of these Hypos. Given the above count and the current price of Crude being around 58.19 we have a very low risk shorting opportunity over here which can take prices down to even the 55.25 levels. Let's see how this market progresses.
TVC:USOILShort
by NeeravYadav