Let Your Trades Do the Talking

Instead of succumbing to the emotional roller coaster that you often find in markets which oscillate wildly, namely the crude oil action of late, the better approach is to maintain as objective a mindset as possible, even being willing to trades both sides of the range. 

In recent sessions, I have day-traded both DWTI (triple-short crude ETF) and UWTI (triple-long crude ETF) in real-time on social media. And I continue to have an interest in playing both sides o crude oil, given my working thesis that it could easily be in a sloppy range for a while. 

Even if that working thesis proves to be incorrect, what I can focus on even more are tangible technical guideposts. 

Specifically, the USO ETF for crude found sellers at its upper Bollinger Bands (first set of yellow arrows on daily chart, below) and is now back down to its "middle" Bollinger Band. The middle Bollinger Band is the 20-period moving average on any given timeframe.

Here, we are looking at a daily chart, so the middle band is that 20-day moving average, the orange line. 

If buyers can defend this area they may have a case for a temporary higher low in place for a quick long scalp in what is still, thus far, a mere counter-trend rally to a ferocious bear trend. If bears take and hold price below the 20-day, another short trade may be had.