CL made a HH, which while current trend is up, can be traded short for a scalp. We don't watch the trade all the time, but we do see resistance is forming. Although not shown and not always correlated, ES has already made a LL. We stay patient although I did raise my target by 1 tick, I could have left it alone. We don't chase ES which is falling. We wait and do something else till target is finally hit.
Hi, are you assuming that 52.63 is Resistance and shorting expecting price to reverse after that level is hit?
Well, it seems like the area of Resistance I was expecting didn't provide much supply. Now we have an area of support.
We don't need to assume. Since my target was hit, it was proven to be a resistance. Remember there is no such thing as 100% TA or PA. After trade was made, the % I was correct increased due to price not being able to break above the resistance that was forming and that other futures were falling.
If you know you are in a buy pocket we could look for an entry long...once we got that higher close it was the first chance we could safely take a long trade - at least that is how I try and find my entries
Today buyers tried 9602 but didn't find a following. So sellers tried down and broke bellow 9558. From there the trend was confirmed in the hourly. Now waiting for a Retracement in the hourly