Two weeks ago, I shared a potential bullish setup for the crude oil (CL) futures market on my TradingView page.
At the time, CL was near a low price and hitting its long term up trend line. But we wanted to see if support was going to hold before looking for long ideas.
Well, it turns out that support did hold, and the CL market was able to break above its short term down trend line.
With the market now in the daily buy zone, here’s how we’re setting up our trading ideas on the hourly chart…
Breaking Into the Buy Zone
Here’s how I see the CL chart setting up for a bullish idea on the hourly time frame…
The CL one hour time frame is in up channel.
It will be a good idea to look for long ideas near the bottom of bullish channel.
Entry: Counter trend line break bullish near the bottom of the channel.
Stop: In the sell zone, below the entry.
As long as the market stays above the bottom of the channel, it will be a good idea to turn to the five minute time frame and to look for Tunnel Trader / Destination Trader / Chandelier Trader long ideas towards the one hour price target.
The Bottom Line
Now, if you happen to prefer stocks over the futures market, my colleague and equities expert Ross Givens been working on a special strategy for identifying great stocks that you might want to learn more about.
He has come up with a brand new strategy that aims to deliver weekly gain opportunities without ever holding a single stock.
If you’re interested, check out the important P.S. below…
For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And before you go, head on over to the Traders Agency YouTube channel for breaking market news, live trading sessions, educational videos and much, much more!
Keep on trading,
P.S. My colleague and expert stock trader Ross Givens just unveiled his brand new “rapid cash” strategy that is totally market neutral.
It doesn’t matter if a stock goes up or goes down… With this strategy, Ross can set up his trades to win in either direction.