This journal will include however many daily price charts in Crude Oil I have the time to complete and post. If I have
my act together I will post daily. If any of you are familiar with JS Services Price Charts my posts will look familiar. Their numbers, or levels, are proprietary. I am forming a price chart based on my own analysis (bias) and with ready available levels (pivots, fibs, highs, lows, etc.). I have found that having these levels ready heading into each trading session helps tremendously throughout the day. Also this way I don't have to clutter my screen w/ tons of lines and indicators. This info is mainly to hold myself accountable into each trading session. With that said, feel free to use this info how you please. Everyone knows the key price levels, but it's how you choose to enter and exit around these levels... right? Feel free to give me feedback. Thanks.
Crude Oil (CL July expir.) Price Chart for Friday, May 24
*all fib levels, pivots, etc., are as of 8:34pm PST, Thursday, May23
Bias: Neutral. Looks better than 50/50 for an inside day. Be inclined to take profits at nearest levels.
Buys: Bullish above yesterday's high. Test of R1 looks likely if we can get above 9447. Only scalp base hits on the long side below settlement.
Sells: Bearish below settlement. Look to short rallies below settlement. Above yesterday's high, look to short (base-hit) spikes up to levels when accompanied by high participation. Use 2 or more contracts when entering on exhaustive/climactic price action. If so, leave a runner for a possible extra-base-hit.
9735 WH
9538 618BS
9520 R1
9478 50BS
9447 H
9425 S
9370 P
9360 382R
9334 50R
9307 618R
9295 S1, *
9220 L, WL
9145 S2
WH Weekly high
WL Weekly low
H Previous day's high
L Previous day's low
618 61.8% retrace
382 38.2% retrace
50 50% retrace
BS Bear Swing on larger time frame
BL Bull Swing on larger time frame
R retrace of the 5 minute trend
P Pivot
S1 Support level 1, based on averages of most recent highs, lows, and closes
S2 Support level 2
R1 Resistance level 1
R2 Resistance level 2
* Key level. Scalp and/or reversal (runner) strategies when high participation trading occurs at or near this level