Friday 15 November 2013

Today's trade on CL

I took one trade late on today as I was not home during the open and a few hours after. Price was rotational in a smallish range.  Pity I was not around at the open, as I was looking to go long as there were reversal signals on the main charts.

The 1 min chart gave a great buy signal at the open. Price rallied about 80 ticks up to the supply zone that has been holding price for the last couple of day's at the 94.50 zone.  Price reversed and tested the LOD.

We can see limit buy orders on the 1 min chart leading to a series of higher lows. I entered at what seemed a good location and only took 1 tick of heat. Price rallied up to a SZ around 33 ticks, but stalled with a reverse HVC inside squat limit sell orders bar on the 1 min, giving a reverse signal. 

However, I was not sure if this was where the sellers were going to hold their last stand.  In hindsight I should have exited, as price was not yet above the VWAP with force.  However, although I could have had around 30 ticks after this reverse signal, I am still happy with my trade management.

Here are the charts.









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