9:04 No REV so far, looks like a RET. 9:12 We are at R at 60, but this could be just another RET. So we have to be alert. 9:20 Yep it was a RET
10:25 After a roller coaster ride to 109 and back we are in a hinge, looks like buyers are trying to break to the upside, but hinges in oil are not that reliable.
11:11 The hinge ended up failing as expected, and gave birth to another leg of the uptrend. Lets see if buyers can hold it.
Is inventories day, so I wont trade this market today. In the daily we seem to be forming the RET after the BO, after finding R at the MP of Feb-March TR. In the hourly we finally broke the DL after midnight and are in the process of making a LH which is bearish. In the 5 min after a strong downswing buyers were unable to break above the MP of the downmove, bearish as well. At the open sellers pushed for a LH and got what they wanted. Buyers beware
Couldn't post yesterday. In the daily today looks like we are in the RET that follows the BO of a hinge. In the 60 min we are still in a downtrend, but we are facing buyers at 107 and 7.50. Besides we are still above the up trend line from aug 21. In the 5 min we started the day in the chop, and S as appeared around 75. As always, avoid the chop, waiting for a BO of the TR that formed between 75 and 8.15.
Trade recount: 5 min chart 1 min chart 1. After prices exited the chop at 10:10 I waited for a test of 20 as S, when there was a strong rejection from buyers at the top of the TR i took the long at 23. But buyers failed to gain a following and prices faded prompting an exit. 2. I knew I was in the chop, but sellers had failed to make a LL so i decided to jump in at 06. As I thought 20 could be conflicting i decided to close half my trade at the first sign of danger and leave the rest open at BE. The first half was exited at 13, and the second at 7. 3. As sellers failed to get a following I decided to take the next RET in the 1 min, but it failed to break above 20 and then I closed the whole position. 4. As buyers had failed to break above 20 and the DL was broken in the 5 min I decided to take the short at 8.00, it proved to be the best decision of the day. Closed half at the break of SL in the 1 min and the other half at the first sign of REV in the 5 min, I could have stayed a little longer for the test of SL in the 5 min but I had to go. Perhaps I should stay a little longer next time
Daily: After going all the way back to the DL of the hinge sellers found S around Previous Week Low. We are now re-exiting the hinge, but still have R to sort through until buyers breach 108.7 60 min In the hourly we broke the SL from the 28th of august, and are currently in what seems like a slow REV that has already surpassed the 50% of the last downswing. 5 min We are in the middle of the chop in an irregular TR between 7.36 and 7.10 that has been building during the morning.
After a choppy start, buyers finally made an effort to take prices higher, but found R at 8.60. Then came a strong bounce but the DL is still holding in the 5 min. At the time of this post, The 5 min DL is gone, so this could deteriorate into chop again or be the start of a new donwtrend, I am more inclined by the first.