Watching Oil for a Long Play...

18 Mar 2020

So, haven't posted any "ideas" in awhile, but I've definitely been trading ! Made 150% last week shorting XAUUSD from 1700 to 1600, followed by a short on NG1! from 1.92 to 1.70 ! Was a great week ! Now, on to Oil... We have a major trend on CL1! on the monthly chart in a kinda "triangle" formation... The red trendline is very wick bottom of that trend. Blue horizontal line should play as a pretty major support. Price is approaching this area as well as trendline and support meeting pretty close here as well @ $24 ! Oil is cheap right now as well ! However, there's huge amounts of bad news surrounding Oil right now... And I'm expecting tomorrow's #'s to be bad, so we will be waiting and watching price action ! If it wasn't for the news, I would say this is a great R:R trade all day ! If we suffer bad #'s, but still hold this area, that will be a pretty good sign ! Then we will wait for some PA confirmation, with hopefully some bullish divergence, to take a long ! Hopefully she bounces because I'm expecting a great return outta this trade !