CL Tape Reading Perfection 🛢️

Take a look at me breaking down CL step by step to the premium members in real time

Let’s dive deep into CL (Oil)…

I was super proud of this breakdown, I pretty much gave this out step by step with multiple entries to the VIP Members, I hope you guys can take some value from this. Check the timestamps on each screenshot if you don’t believe me!

Firstly, I always like to frame my trades under the context of some sort of cycle, whether that be a Weekly Cycle / Daily Cycle / LTF PO3 Cycle.

The Higher Time Frame

H4 Timeframe

H1 Timeframe

Setting The Stage:

- Midweek Reversal Cycle

- Inside this cycle Friday is a high probability day for continuation.

- We were also in the 2nd stage redistribution area of this MMSM (these are my favourite type of trades)

- Clear H4 BISI acting as the draw on liqudity

The Lower Time Frame

Now let’s take a look intraday…..

M15 Timeframe

At this point in time I thought it looked shit…. we are clearly building liquidity above and below price, even though we have tapped the H4 SIBI I wasn’t convinced we had finished playing in this area!

H1 Timeframe

A couple hours later and we flew into that H1 SIBI. To be honest I would have rather this fvg acted as a Breakway gap but this was permissible, now I was thinking we need to see displacement otherwise this whole idea becomes invalidated.

M15 Timeframe

Price gave us the displacement we were after.

I wanted to see that orange zone (M15 BISI become inverted → M15 IFVG). In reality you could have entered before the M15 IFVG had formed but I like to be extra caution; at the end of the day we are looking to take A+ setups here.

Also you see the dotted lines marked BB-, that was me forecasting the creation of a Breaker block.

On the M5 we had formed an FVG, I wanted the bodies of the candles to stay inside that zone.

M5 Timeframe

We run lower. Here you can notice how bearish arrays are holding, we also have the 2022 Mentorship Model (SMS + FVG), note how the bodies of the candles respected the FVG (marked in dark grey).

M15 Timeframe

M5 Timeframe

The M15 FVG clearly inverted here leaving us an M15 IR and M5 FVG, I couldn’t screenshot this quick enough as this is where I took my entry (trust me its hard to balance taking screenshots and trading lol). At this point the H1 and H4 candles had just opened up too; they looked great, I’ll let you go find them and see for yourself.

M5 Timeframe

Here we started melting off, I felt like the don.

First Target met âś…

MT4 Entry

Here was my exact trade, SL Placement where breakout traders were trapped long; the only thing I fumbled was the exit…

I have a tendacy to close trades when they are very close to target, in reality I should have held all the way till target, ended up closing it 15mins before we reached it.

Final target met âś…

Closing Thoughts

As you can see I’m not perfect.

But the beauty of trading is you don’t have to perfect to make money, also trading is a journey, we are on a constant conquest to improve, getting better by 1% everyday.

Hopefully you have found this insightful, if you’d like to get access to these notes in real time + the finer details click the button below and join The Bank Trading Academy.