Oil is the New Toilet Paper

A trade during a record sell off in Light Sweeeeet Crude

Landscape

Massive bearish move across risk on assets. COVID-19 ramps the 2020 sell off. Russia and Saudi's start having an arms race equivalent in oil production. They are using super tankers and trying to out pump each other. Meanwhile the globe is on home quarantine. Yet the oil still pumps.

Yearly

Day prior was the largest up day in recorded history for Crude. However the context of the yearly is still clearly bearish.

Quarterly

Had to add a -3 and -4 std dev onto LTVW to account for the fast trend imbalance. During globex we rejected the -2 and we were looking for continuation to -3.

Monthly

Rejection on Q was confluent with the IPB of Monthly DVAL. Pot destination -1.5

Weekly

Rejection off the Q/M lined up with Weekly DVAH as a pot destination reached for the up move. Now rotational the next target was Weekly DVAL. This was a Friday so weekly held strength.

Profile

We opened within the later part of the balance formed from prior day. A period climbed up and re-tested PVAH. Found sellers to initiate the short from.

Execution