Opportunities in Crude Oil

The Footprint chart is an valuable tool for trading crude oil. Below is candle chart highlighting trading opportunities and then each opportunity is zoomed in on with a Footprint chart to better qualify the trade and manage the risk of entering and then managing the trade. Most traders will find the Footprint most valuable when referring to support and resistance levels. These S/R levels could be from anything. Highs/Lows, pivots, fibs, value areas, high/low volume nodes, etc. Most traders know that when a market approaches support or resistance there are certain things to look for. The Footprint helps step inside the bar and see what is happening with volume, order flow, price. 

Extracting better information out of the market at these key levels is what the Footprint excels at.

We will walk backward in time with the screenshots below. So the first screenshot is the most recent yellow circle on the chart. Each screenshot is annotated to show important insight on reading the Footprint information and associated indicators.

Pay special attention to the Footprint formations within the bars leading up to and leading out of the support and resistance tests.

 

Click here to download the chart definition of the chart used in these examples.

Fibonacci Retracements & Footprint Confirmation

ES Trade Example from This Morning Using the Footprint