How I trade crude oil

Yesterday saudia arabia announced it had an increase in supply, short term drop in price, spiked down quickly and stopped me out (look at positive, made a few $$ and didn't loose anything).

Daily: still looks bullish to me, I need to get back in long

1hr chart: when price did drop it came right back down the to the price area I bought at, on 1 chart it looked like (if I am right) an inverted H&S. I should have seen this and got back in, but after hearing the news I thought prices would go even further down. Lesson, don't trade news, trade price action, daily showed bullish, 5 min entry: price action showed entry for long.

5 min entry: I had many factors to back up a long here, daily showed bullish, 1 hr chart showed previous price area for long and 5 min chart was great for entry, candle bar outside of bollinger and RSI & Stoch on their extremes.

If i entered it would have climbed back to where I was and today its even higher!

Still looking to get back in long, looking at 49.60 as a level.


  • oil 1hr chart.png
    oil 1hr chart.png
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  • oil daily.png
    oil daily.png
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  • oil 5 min chart.png
    oil 5 min chart.png
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