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The Rising Trendline Channel to Watch in Crude Oil

I couldn’t pass up posting on the almost perfect short-term rising parallel trendline channel that has formed on the intraday chart of Crude Oil futures. It allows us to observe a key channeling formation and learn an important lesson - that divergences can persist and give false signals while price remains in a powerful trend, and that it is more important to watch what price is doing in order to generate trading signals - an important lesson on all timeframes. Let’s take a look: Using TradeStation, we see the pure price of @CL Crude Oil (continuous) futures on the 5-min chart.

Fun Intraday SPY Fibonacci Confluence Grid Feb 8

It’s hard to come up with a good title that gets you to read a post about “Fibonacci Confluence,” but it’s an important and useful tool you can learn - if you haven’t already - that can help you uncover possible targets for intraday traders to play for, and also areas of hidden resistance (or support) that sets up a reversal trade when combined with other indicators.