NYMEX:CL1!   Light Crude Oil Futures
10.5.23 We took a look at silver it was set up to go higher but it's coiling at the base and we'll just have to see what happens. This was not an easy trade. It might break a little bit lower but it could still be a decent long trade if it extends a little bit lower but then finds Buyers. I thought it was important to look at the monthly chart to see if there are likely patterns to suggest there's more upside to silver. Since I hadn't been talking about oil for a while I wanted to show how one might have use the tools to find the patterns and determine where the buyers and sellers are as this market moved higher. The single most important thing to do this video was around a fulcrum when deciding on an ABCD pattern setup.... and also to show the difference between a market that's pressing in an organized way taking a good amount of time as it does that in the range box and then when the market breaks lower you have more price action and you get to the target almost immediately in one bar. If you didn't take the short at the fulcrum you're going to miss that trade as a seller if you weren't already in the market. since the market got to an ABCD pattern and a support... now that the market traded to the bottom of the lower range box I would be looking for buyers for the market to move higher. Always keep the stop small... but be cautious with the entry and wait for evidence of buyers.
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