Browse Symbol Stacks: /CL: CL_4Hour_Feb032015.jpg

CL_4Hour_Feb032015.jpg

Crude bears now have a candlestick reason on a major timeframe to be concerned. 

As of 1:05pm est Feb 3rd, we have a break and close above a prior swing high on the 4-hour /cl chart. 

The fibonacci price pattern "Bear Shark" allows for price to rise up to 52.79 (being the 1.13% retracement), so all hope is not lost. 

It has been a very painful past few days if you're a bear in /cl, and weren't scalping intraday.

Comments

angrywetcatangrywetcat
I think there's a better confluence at 55.11. The Nov 11 high and the 133% fib off the Jan 15 high to the Jan 29 low. 
 
As for being a bear or a bull, who cares? Make money off the direction the market gives you. However, if you hole contracts overnight, more power to you. 2/3/15
moneymiser21moneymiser21
The 52.79 line in sand is broken. The bears are dead. Long live the bears. 2/3/15
moneymiser21moneymiser21
@angrywecat - I hear what you're saying about "what the market gives you." I'm working on refining my trading to lessen counter-trend trades that are not high-probability, and stay in the direction of the larger trend more. 
 
I'm normally a price-action first trader, and have found combining price action with trend yields higher probability of success. 2/3/15