According to what I see crude oil looks like it wants to head down. Currently it is ranging 5 weeks and there is no new high made.
Also I see that it did not bounce from my support, the megaphone pattern most of us were waiting for was not triggered. That is why I missed my first long at the bottom.
It might spike up to hunt the SL of weak bulls and then fall to get all bulls in. This looks like a real trap setup if you ask me. So I only trade the small waves on the smaller timeframes. Untill I am convinced about any direction.
My bias was already short at the resistance touch and this is becoming lower and lower. Looking at price patterns it looks like crude oil is making a weekly inverted head and shoulder, but I could be wrong.
Summarized I´m not shorting yet, but looking for the right entry to short. This also makes my previous idea on crude oil violated.
Also I see that it did not bounce from my support, the megaphone pattern most of us were waiting for was not triggered. That is why I missed my first long at the bottom.
It might spike up to hunt the SL of weak bulls and then fall to get all bulls in. This looks like a real trap setup if you ask me. So I only trade the small waves on the smaller timeframes. Untill I am convinced about any direction.
My bias was already short at the resistance touch and this is becoming lower and lower. Looking at price patterns it looks like crude oil is making a weekly inverted head and shoulder, but I could be wrong.
Summarized I´m not shorting yet, but looking for the right entry to short. This also makes my previous idea on crude oil violated.
