After a $3 pullback week of 04/01 WTI saw a significant jump despite inventory numbers proving week of 04/08. This was accelerated due to obvious fundamental forces. But also, see my prior study below and notice how the technical's were demanding a $67 price point before last weeks Syria drama took front row. I personally snagged 5 contracts long 04/06 @ Friday close.
Aside from obvious API/EIA numbers this week I will be paying attention to anything fundamental related as it seems to be in the drivers seat. Every foot in the mouth or economy related news item should create good opportunity to scalp momentum strengthening/shifts in the order book. I will not be holding anything long without a 100+ tick buffer. and take profit stop. Pay attention to the provided fib levels and think about where the market can move above or below each price point. For newer traders sometimes its good to just sit and watch because things can get unreasonably volatile between 9-11am EST.
69 was a key price to reconsider snagging pullback trades before adding long if the tea leaves show the pullback is short lived or full reversal
interesting how the 2011 B>C move pulled back $30+ dollars (OR 30%)before satisfying BC
Thx 4 sharing!