Crude Oil Contract on a Reversal Footprint

Here is another example showcasing the features of the Reversal (aka Point and Figure) timeframe of a Footprint chart. Every other bar shows a market attempt in the same direction. On this chart, a push higher left 41 and 37 contracts on the Ask (Market orders to Buy), then it reversed as the sellers took over, then the next move by the buyers pushed prices higher, but with only 5 and 3 contracts on the Ask. By comparing these two efforts by buyers to move prices higher, you can clearly see that each buying effort was not equal. The second push was on weak energy. This was a good clue for a Short trade. Had you taken it, the profits were quick and lucrative.

Weakening buying energy on the Open

Topping Out the FDAX