Hello, Daily Direction readers!
Today we’re taking a look at light crude oil futures (CL) as it finally enters the buy zone.
Thanks to our patience, we can now look for opportunities to buy the CL market as it breaks into the buy zone and heads toward a new high price.
Also worth mentioning is the fact that the Fed recently announced upcoming changes to interest rates as the government continues to fight inflation. We’ll keep an eye on this new development to see how it impacts the markets.
Now’s the time for us to use our buy-in strategy, get into the CL, and work toward a very profitable trade as the market shifts upward.
Let’s take a look at our timeframe analysis to see the setup for the CL:
One-Hour Timeframe Analysis
Taking a look at the one-hour timeframe shows that the CL is finally in the buy zone!
We’ve been waiting for this moment for some time, and our patience paid off.
The market clearly broke the counter trendline and is showing signs of pushing bullish through the buy zone. You can see the latest position in the below chart.
Our next step is to use our buy-in strategy to find low prices within the buy zone and get into the CL. Once we do that, we’re on our way to making profitable trades in this market!
The long-term direction is up for the CL
The short-term direction of the CL is up
The CL has broken into the buy zone
To get a better idea of how to buy the CL, you can drill all the way down to a 5-minute timeframe chart if you need to. Not sure how to do that? Check out my trading tips to learn more.
For now, we’ll actively look for trades in the CL until we get indicators that it’s time to back off.
The Bottom Line
Both the long-term and short-term directions for the market are up as the CL finally pushes into the buy zone.
We’ll now actively look for opportunities to buy the CL using our entry strategy. There’s a good chance that we could see a +2700 tick movement with this latest shift. So, missing out on this would be a total bummer!
Be sure to follow my trading tips and timeframe charts to learn more about becoming a better trader. I’ll show you how to implement my strategy in your trades. You don’t want to miss out on this!
Keep On Trading,
Mindset Advantage: Miss Small
We see it all the time. The ‘swing for the fences’… walk off homer entry that leads to a major loss.
Worse yet – a few of the big entries actually work.
You actually think you have a ‘system’ – that you’re somehow beating the market.
Without risk management, you’re only beating yourself.
Why not give yourself (and your account) a shot at a lifetime of trading?
Have a solid risk management strategy. Miss small. Lose small.
Perfect those entries.
Traders Training Session
Stay tuned for my next edition of Josh’s Daily Direction.
And if you know someone who’d love to make this a part of their morning routine, send them over to https://joshsdailydirection.