Good morning, Traders!
Today we’re back to following light crude oil futures (CL) as the market’s direction for both the long-term and short-term are up. The CL is pushing to a new high price of 82.69. we have a ways to go before we reach that up Fibonacci extension, so there’s plenty of opportunities in the CL right now.
There’s a lot going on in the broader market that will impact the energy sector, so we’ll want to continue watching the CL. As long as the market stays in the buy zone, reviewing our timeframes for chances to execute our entry strategy is our best bet.
Ready to trade the CL? Then let’s take a look at the timeframe analysis:Daily Timeframe Analysis
Overall, the CL daily timeframe is in an up trend. As you can see in the below chart, the market is making higher highs and higher lows. It’s broken our counter trendline and pushed bullish toward the 82.69 Fibonacci extension.DAILY TIMEFRAME
The long-term direction is up for the CL
The short-term direction of the market is now up for the CL
The CL is headed toward the up Fibonacci extension
Learn more about the Daily Direction Indicators here…
The NQ has broken the counter trendline and is headed for the 82.69 price point
We can expect just over a +1500 tick push as the CL continues to rally. At this point, we’ll want to turn to our one-hour timeframe and look for opportunities to buy the CL at low prices in the buy zone.
One-Hour Timeframe Analysis
Looking at the one-hour timeframe, we can see that the CL has broken the down trendline and is now in the buy zone. It shows clear signs of pushing bullish toward the 82.69 price point.
The CL is in the buy zone and ready to take us to a new high price!
If the CL stays in the buy zone, we can apply our buying strategy and enter the market at low prices. Remember that markets move in ways, from low to high, while remaining in an overall upward trend. We buy low and then sell high within that trend. That’s how we make money!The Bottom Line
The CL is giving us some nice opportunities to buy the market while it pushes bullish through the buy zone. If that trend remains, and we can find low prices within the buy zone, we’ll continue to keep an eye on our timeframe charts and look for good entry points.
Now is a good time to review my free trading resources to prepare yourself for jumping into the CL market. Take the time to leverage my knowledge so you can grow your trading account with profitable trades!
There are opportunities to buy the CL as it heads to a new high price
You have the information you need to trade, but do you know where to begin? I can show you how to get started! Follow along as I reveal the crucial aspects of my trading strategy that will allow you to become a profitable futures trader!
Keep On Trading,
Mindset Advantage: Execute
In the end, trading is about execution. A detached, matter-of-fact execution that takes into account market data. It’s those darn emotions that get in the way.
What if you were able to execute every trade like you were cleaning up after a great meal with friends or family?
Instead of each entry or exit being the heart-pounding, drama filled moment that it is (for many) – remove your emotions and treat it as though it just needs to be done.
Like taking out the trash, you don’t think about it. You don’t shed any tears over the 5 day old ravioli or hamburger buns that you’re throwing away. Why waste another second on that trade?
Good or bad. Simply execute. And free yourself to see the market from a different point of view.Traders Training Session
Understanding Trading Margin and Managing Losing Trades
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