Crude Trade
As the S&Ps were rallying on Friday, there was a nice trade setup that occurred in Crude Oil. This is one of the trade setups we discussed in the free webinars last week (Click this link to access webinars). At A, the market tested the overnight high. I left the normal volume on the chart along with the Weis Wave volume. Note the high volume and poor closes at A. This was strong selling. Since the higher time frame trends have been down, this was a choice trade setup.
As discussed in the free webinars, stopping volume occurs at B letting us know to exit the trade. It also occurs again at C and D. Volume stops the market. There were also springs at C & D, but these would not be choice trades.
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