October Crude is nearing the top of an apparent consolidation that has been rollercoastering for the last five weeks. It’s not the kind of formation that looks capable of supporting a powerful thrust, but it will be tradable from the long side nonetheless once August 16’s 107.95 peak is exceeded.
Keep in mind that it is when other traders are at their craziest (or their most bored) that camouflage works best. Accordingly, you should switch to the one-minute chart to find your entry pattern on the breakout. It is not breakouts that we care about per se, but impulse legs. In that regard, camo traders are well equipped to make objective, tradable sense out of hysteria.