Although I track crude because it’s the world’s most important commodity, its gratuitous feints and swoons are too tiresome for me to follow closely enough for day- and swing-trading by the relative handful of subscribers who seem interested. Be that as it may, tradeable highs and lows are as easy to nail as a balsa two-by-four. Perfect opportunities do not materialize every day, but when they do they are easy to spot and work reliably. And, of course, when price action turns freakish, the task of setting up winning ‘mechanical’ trades is a piece of cake. The foregoing is not meant to discourage you, but rather the opposite. If subscribers can come up with Hidden Pivot ideas to trade this rabid mongoose, I’ll be happy to vet them. For starters, focus on the pattern shown in the chart, but after it has taken out the point ‘C’ low, 78.45, by just a few ticks, then reverses. For now I’ll highlight the 86.95 target anyway so as not to seem clueless about where this contract is headed: tortuously higher. That’s how the little sonofabitch works, but I’ll make it your job to find the opportunities. _______ UPDATE (Jan 30, 1:52 p.m.): March Crude provided precisely the opportunity this morning I had detailed above. Please check my chat room posts from this morning about this, since they describe in detail, with text and charts, how you might have proceeded. ______ UPDATE (Jan 30, 7:52 p.m.): Here’s part of my chat room post from this morning, with a chart showing a clear path down to 77.05: For all of crude’s spastic price action, it is relatively easy to read and to trade, provided you are willing to work at it. The linked chart shows the pattern that is commanding March Crude at the moment (i.e., noon Monday), notwithstanding the bozos who are causing the movement between HP levels. You can see that it generated a no-brainer ‘mechanical’ short at x=79.63 a short while ago. We’d have been out of the profitable trade from earlier by then. Yes, it is work, and it takes undiluted attention and nimble execution skills to exploit even ‘textbook’ patterns. _______ UPDATE (Jan 31, 10:26 p.m.): I’ll take a rest until someone mentions March Crude in the chat room.
CLH23 – March Crude (Last:78.04)