trend down day market -- but also a gap down. /cl starts weak and moves toward extreme lows. Market has not accepted oil under 79 fully.
So, checking recent support levels -- /cl bounced at 78.08 on Friday. As /cl approaches this level -- a high volume candle prints -- breaking 78.08 but the candle closes at the top -- this level is rejected.
One could attempt a preliminary long here with stops at the very low -- it would have worked.
Less than an hour later, the main long signals begin to line up -- as the 99 day MA starts to curve up from the bottom and the moving avgs. fan out bullishly. An entry long here, 78.40ish with a 10 tick stop would also have worked -- and provided 100 tick upside. This entry was more in line with my general strategy to go with the flow.
More and more I'm finding /cl is tougher to trade but definitely provides more volatility than /tf.