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Trading Crude : A level approach
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Created: by Satch Boogie Attachments:50

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Trading Crude : A level approach

  #41 (permalink)
Trading for Fun
St. Louis Mo., USA
 
Futures Experience: Advanced
Platform: Esignal
Favorite Futures: Forex / ES
 
Posts: 75 since Jul 2012
Thanks: 6 given, 79 received

Thought this chart was worthy of posting. Wednesday we tagged the 1st daily lower level and bounced, Thursday we tagged the 1st daily upper level and pulled back slightly, then today we have run up to the 1st daily upper level and are stalling there currently.

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  #42 (permalink)
Trading for Fun
St. Louis Mo., USA
 
Futures Experience: Advanced
Platform: Esignal
Favorite Futures: Forex / ES
 
Posts: 75 since Jul 2012
Thanks: 6 given, 79 received

imo, 109.93 (Fridays daily upper level) is the line in the sand for long / short today. CL has tested that level quite a few times in the last 24 hours of trading and we have just now had two closes (hourly) below that level. It's pretty clear this is tipping point for todays trading.

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  #43 (permalink)
Trading for Fun
St. Louis Mo., USA
 
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From Fridays 1st daily upper level to today's 1st daily lower level.

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  #44 (permalink)
Trading for Fun
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Overnight action was between yesterdays and todays 1st lower level.

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  #45 (permalink)
Trading for Fun
St. Louis Mo., USA
 
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The combined area (106.22) of the weekly lower level and the daily 2nd lower level are now high probability targets.

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  #46 (permalink)
Trading for Fun
St. Louis Mo., USA
 
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Looking to short if we can get back to yesterdays 2nd level area around 107.28

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  #47 (permalink)
Trading for Fun
St. Louis Mo., USA
 
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Satch Boogie View Post
Looking to short if we can get back to yesterdays 2nd level area around 107.28

107.28 area still acting as resistance. Target area 106.22

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  #48 (permalink)
Trading for Fun
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The pattern continues where the prior days daily level is the most significant support / resistance for the day.

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  #49 (permalink)
Trading for Fun
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Pattern still holds. Still looking to close out short around 106.22 range. A break AND hold above 107.92 then the downtrend is broken and it will be time to cover and look for next opportunity.

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  #50 (permalink)
Trading for Fun
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Boxed between yesterdays ranges. The top of the box keeps getting tested and the upper half of the box is where all the price action has remained. Sure feels like a long signal wants to pop here.

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