Oil – inflection points for Feb. 6, 2017

Friday’s trades

CLH7 Feb. 3, 2017. 30-minute bars.

Sell level: 54.55
Keyline: 53.80
Buy level: 53.10

Maximum pain for oil trader’s Friday. The price fluctuated around Nat’s Keyline without ever reaching either the buy or the sell level.

Traders who used the Keyline as an entry point were stopped out in both directions.

Others who tried to find a longside entry below the Keyline were also caught by the magnitude of the moves.

That includes us. We were stopped out $0.10 above the low of the day, at the start of a move worth about $9000 per contract. Ouch.

Today’s workbook

Download link: (170206daily-trading-worksheet-Oil.pdf, 143KB)