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Mastering Swing Trades with Hawkeye Zones
A Deep Dive into Valero Energy Corporation
Anthony Speciale here from Hawkeye Traders, hoping you’re having a fantastic day!
Today, we’re diving into a powerful swing trade setup using price action analysis, volume analysis, and supply and demand dynamics.
This approach can significantly enhance your trading accuracy, and I’m excited to show you how . . .
The Setup: Valero Energy Corporation (Ticker: VLO)
In this analysis, we’re focusing on Valero Energy Corporation.
We’ll be looking at three different time frames: the daily chart, the weekly chart, and the monthly chart.
This multi-timeframe approach allows us to spot high-probability trade setups with greater precision.
The Weak High Indicator
Back in early April, Valero hit an all-time high. However, this high was made on decreasing buying volume, signaling a potential weak high.
As traders, we don’t want to guess tops or bottoms unless there’s clear evidence. In this case, the weak high was an early indicator that prices might not go higher.
Identifying Lower Highs and Lower Lows
As the market began to push lower, we looked for a lower high where we could confidently enter a short position. The market consolidated, created supply areas, and consistently made lower highs and lower lows.
This pattern strengthened our thesis that the price might continue to decline.
The Key Candle on May 17
A critical point came with the candle printed on May 17th, which showed very strong increasing buying volume. However, if the next candle didn’t follow through, it indicated that buyers might have climaxed, providing a low-risk shorting opportunity.
Entering at $166 with a stop at $169, we risked a small amount to potentially gain a lot if the market confirmed our analysis.
Multi-Timeframe Confluence
What made this setup particularly compelling was the confluence across multiple timeframes.
Not only did the daily chart show resistance, but the weekly chart also aligned with a supply area.
Additionally, the monthly chart displayed a red top, indicating a potential for a strong reversal.
Protecting Your Profits
As we pushed lower and reached new lows, it was crucial to take profits and protect our position.
Moving stops to break even as we approached prior lows ensured that we maximized our gains while minimizing risk.
Remember, two emotions drive traders: greed and fear. Always pay yourself and protect your capital.
The Hawkeye Advantage
Understanding the relationship between volume, price action, and multiple timeframes is crucial.
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Happy Trading,
Anthony Speciale
Speciale Analysis
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Email: Team1@HawkeyeTraders.com – OR – Call: 888-233-8598
About the Author:
Anthony Speciale is a seasoned market analyst with over 13 years of experience trading. Through his platform, Speciale Analysis, he offers in-depth market analysis, interpretation, and expectations designed to help all types of traders, at every skill levels reach their full potential.
Analysis, Interpretation & Expectations
Day, Swing & Position Trade Analysis
Daily LIVE Market & Orderflow Analysis
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