- CL has broken out of a range as bears target $64.
- Traders are waiting for a confirmation of the break-out or a reversal back into the range.
- Trader mindset announcement.
Recap
We have been tracking the sideways range in CL for some time. There has finally been a bearish break below $71.72, which is the lower end of the range. CL is currently trading at $70 per barrel. The next few days will prove important because it will show us whether crude is going to continue lower or reverse back into the range.
Any traders that were short from the top of the range and left their positions open are sitting in a good profit at this point. Extending the length of the range down gives bears a target of $64.03, which is an 11% drop from current prices.
The RSI is also in a bearish position as it approaches oversold. This does not indicate that bears should look to take profit because CL has been in a range, so the RSI is indicating the down trend is strong. Again, it’s too early to determine whether the breakout will continue, as there is still the possibility of it reversing back in.
Announcement about trader mindset
Soon, we will be launching something called ‘trader mindset.’ It’s a series of 1 on 1 sessions traders can book to have with Jay.
In these sessions, we are going to focus 80% of our attention on mindset and 20% on the practical elements required in trading and markets. We are going to look at your schedule, personality, and trading philosophy to begin building a solid plan you can rely on. We will not cover trading strategies in these sessions nor technical patterns or setups. I am simply here to help you understand the best path forward toward achieving trading success. I am here to support you. We will be releasing a video soon with more details.
Topics we will discuss include:
- Objective trading vs. subjective trading
- Developing an actual plan and something that you can trust
- ‘Importance’ as a major factor in why failure arises and how to release it
- The ego and its role in trading decisions
- How you can make trading easy
- How to make the choice that successful trading is what you actually want
- Vital exercises to improve your trading ability and decision making
- Why your expectations on the outcome are the reason things don’t work out
- All major athletes need coaches. Trading is no different
- How to think in probabilities
If this is something that interests you and would like to be added to the list for a free session once rolled out, please add me on discord here Jay-OUP#6138, or send me an email at jay.g@oneuptrader.com
