See the 500 and 1000 tick charts below. CL was moving down and then went into a range. On the 1000 tick chart we have 2 HVC bars and then a couple of RPM bars breaking above the HVC. This breakout with RPM is also on the 500 tick chart, so we have confluence between the charts. We now have a new demand zone. There was also a Climax volume bar on the 5 min chart ending the down move.
Price moved up, and as expected, we get resistance from the sellers at the last supply area and we see 2 HVC bars formed here. I drew a box around this zone. Price then retraces back down into the demand zone formed by the HVC and RPM breakout. I entered @ 95.77 and took 4 ticks of heat. The SL was @ 95.62, just below the demand box. Note, I did not put it below the last swing low as if price broke below, then it would probably have a lot of slippage.
Price now starts to go back up and breaks through the last supply zone, but retraces a little and then breaks through with a RPM on the 1K tick chart. However, we get a bearish RPM down bar to shake out any weak holders. Price break back through again and continues up.
It finally reaches my target @ 96.67, which is a throwback zone from yesterday. So a 90 tick winner.
As we can see, price is still rising, but I am contented as I stuck to the plan and allowed my trade to play out.
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