You are better off coming up with a trading approach, studying and implementing it...rather than asking for advice on a particular trade.
OK let's look at the 60 min chart... It blew past the trendline on the 60 min. No indicators. Daily is above the trendline as well. You either have to wait for a short signal or ride the train...
CL is a troubling trade at this price. As you mentioned, it is creating a triple-top. And there are senators demanding that Biden do something about the high gas prices. Aside from opening the SPR to outflows, what can he do? He keeps killing pipelines, so we can't get Canada oil cheeply. He can't cut-off exports, because that would piss off his international neighbors, at a time he is trying to strengthen international ties, not sever them even more. Semms like the best course of action would be to sit out of oil trades until Feb 22 at the earliest, to see how it fleshes out. If there was a VIX of oil? It'd probably be at around 30 right now.
I know, thanks for the advice but every time there's an interesting set up, makes me curious what experienced traders think of it more than me profiting form the actual trade. just trying to learn more
this is why I come here, mark ups are much appreciated, actually it's kind of funny how much I've learned so far doing tech analysis then comparing it to experts
The ROC is high Thanks a ton Overnight, ROC is also confirming an uptrend. I'm not good at fundamentals, like really bad at it, that's why I'm relying on price action+technical analysis. Any advice on where to start for fundamentals? How do you find good Futures contracts to trade?
You are looking at H1 and H4 charts, fack funnymentals. Leave that to O-night and the other long term hodlers. BTW have you looked at tonight's opening H1 bar lately?