I share my top trade setups whenever I have a big, new idea for the market. And to invite a global audience, I provide the core chart and discussion on my TradingView page.
As regular readers know, I’ve been watching the crude oil (CL) futures market over the past few days and weeks.
It has been rallying off of its longer term up trend line for a while now, but it just broke back into the buy zone on the daily time frame.
This is setting up a potential bullish push toward the daily up Fibonacci level overhead, so let’s dive in and take a close look…
Aiming for the Up Fibonacci
Here’s how I see the CL chart setting up for this week’s idea…
The CL daily time frame broke the short term down trend line and has entered into the buy zone.
The market has an up Fibonacci with an extension price point 104.39, about +1,588 ticks above the market.
As long as the market stays in the buy zone above the short term down trend line, it will be a good idea to turn to the one hour time frame and look for low prices in the buy zone.
The Bottom Line
With inflation on a fast-track, you need to know how to amplify your gains.
To see how I do just that by trading markets like crude oil (CL) futures, check out the link in the P.S. below…
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Keep on trading,
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The post This Week’s Idea: CL Daily Long Idea appeared first on Josh Daily Direction.
