WTI oil on the rise whilst i understand this is a day Traders forum the essence of trading commodity based CFDs is about the setting up for a daytrade that may take hours, days or even weeks to come together. Watching and waiting for specific points for entry one of occurred last night. WTI crude formed a triple top of 82.32 the 3rd on 27th Jan that was the tipping point to short that it dutifully happened. Made some nice gains on shorts then it became a sit and wait for the bottom to form. The test for the bottom formed on 5th Jan at 72.45 that broke on 7th Feb at 1pm at 72.12. The next low on 12 dec was 70.30 that did not happen, and news related events pointed to a rebound in price. Set a limit buy order at 73.65 last night as that confirmed the trend was rising. Stop loss set at 72.00 take profit at 76.77 hit today that's 312-pip gain in around 6 hours. Market for oil still bullish with that triple top at 82.30 in play if that goes then 83.91 comes into play. Sharp focus on 2 commodities charts and news events rather than trying to follow 100s of stocks in an ever-increasing unlevel playing field of companies that most only exist to support fat cat directors.
