Crude Oil Diary

On hourly chart, Crude Oil was making lower lows (LL) and lower highs (LH). Yesterday, it broke 2 recent LHs, and today, it established a higher low (HL) and broke the high between low and HL. Hence, we now got 1 HL and 1 HH. On hourly chart, Crude Oil is probably transitioning to uptrend from downtrend.

Just before and after breakout of previous high, saw candles are failing to close above previous candle high as well as lack of candles closing near high, so took a short, but got stopped out.

Got 20 in wedge reversal.



After forming HH and HL, it is now forming LL. Let us see how it unfolds.

After 2-leg pullback, it continued its downtrend.

Looks like pullback is very weak.

Trailed SL aggressively due to fear of range.

Hourly uptrend



Making new highs on 5 MTF, but candles are not indicating either direction save one bull spike.

Continues Hourly Uptrend

Hourly uptrend



On 5-min, little bit volatile

Hourly uptrend continues

Expecting pullback to lower zone

Trade Plan

1) Only 2 trades per day.
2) Keep RRR of 1:3 at least.
3) If first trade is loss, wait for at least 1 hour before taking second trade.
4) Take only with-trend entries.
5) Try to take pullback entries to reduce risk per trade.
6) No trades during major news release like crude oil inventory.

Although Monthly Up, Weekly in Transition, and Daily Up, I am more concerned about my trading timeframe, which is 5 minute. Will try to fade range high and low in 5-minute range. Will update about live trades henceforth immediately once trades are complete.