CL1! Crude Oil Day Trade 5-Oct-2023
TRADE DIRECTION: SHORT; as indicated by the downward trendline (red line) and the market structure.
KEY LEVEL: Round numbers S&R with 50 ticks range between each level.
TRIGGER SIGNAL: Broke bearish pennant with the confluence from 2 trend continuation candles (red arrows).
RR: 1:1.7
SL: 88 Ticks
TP: 150 Ticks
KEY LEVEL: Round numbers S&R with 50 ticks range between each level.
TRIGGER SIGNAL: Broke bearish pennant with the confluence from 2 trend continuation candles (red arrows).
RR: 1:1.7
SL: 88 Ticks
TP: 150 Ticks
Crude Oil broke the ascending channel and buyers seem to jump in at the Monthly S2 area for now.
I am anticipating a retracement soon. Let's see.