Today I am doing a weekly review/preview for oil (/CL). I am also doing a daily review/preview for the S&P 500 (/ES) using my own style of technical analysis. So for Oil and the S&P 500 we are going to look at the Daily, Hourly, and 15-minute time frames.
New setups have been jumping out to me over the past week. I’ve had 3-4 new ones pop out. Today I decided on one that will be one of my main ones moving forward. It is the Reverse Lightning Trade.
The entries and exits are the same as the Lightning Trade but the way I find the pivot points has changed. From what I’ve seen it makes this trade an EXTREMELY good continuation trade setup in order to hit the 127% Fibonacci extension level. Even if that level doesn’t get hit I have other levels to get in to ensure an overall profit in the trade.
This is why I preach meditating: https://evancarthey.com/how-to-become-a-profitable-trader-using-meditation/
It will change the way you trade. I am being serious. If you put in the work……and by work, I mean meditating consistently for 15-30 minutes at a time using the technique from my post above then you will transform the way you trade.
Another trade setup that came to me is what I call the “Flipmode” trade. It is one I am still testing and have not implemented it into my arsenal just yet. It will take some more back testing before I can employ it into my arsenal. If it passes the test. All’s it takes is for it to not work one time and then I scrap it. I’ve scrapped so many setups after testing them for weeks or months that I can’t remember how many.
But that is what it takes to create your own trading style. Trial and error. Every time you find out a setup doesn’t work then you are one step closer to finding one that is. Once I started meditating it took me around 6 months before I found the 1st trade setup that made me a profitable trader. If you start today it may take you half that time which I truly hope it does.
Video: Oil Weekly Review/Preview and S&P 500 Daily Review/Preview Technical Analysis for 3/12/2019
Recap for Oil and the S&P 500
For oil and the S&P 500 there are a couple of setups in play. Both of them for a shorter term time frame (15 minute) are battling the Reverse Lightning Trade setup. If they can get some support then they can move higher to the 127% Fibonacci extension level.
But right now they are both battling some resistance to get there. Tomorrow should show whether or not the 127% level will remain as the exit or if it will be moved lower.
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