Oil is an interesting one as of late.
WTI has settled so deeply into a support area going back many years. The sell off on some charts even showed oil dipping it's toes into the 19$ mark...incredible. We obviously have major macro drivers here, but I am looking to go long for a swing trade (days, I fear weekend exposure these). We can see oil down with a support level from last month, it was strongly rejected at that first attempt to drop below it.
I know this is an hourly chart but there is a sizable pattern here that is repeating on higher time-frames.
You will notice that I applied a Fib level, see how OIL is trying but has not closed below that beautiful 61.8% level?
A notable event today were the inventory numbers, they are huge! so much supply, which obviously drives price down and it did not...I have taken the long as there is a "confluence"of evidence for me here. Saying all this I am using risk management.
MACD - Present.
RSI - Was over sold.
Pivot - We are at a support Pivot, albeit just #1.
Psych - major Psychological level of 20$
WTI has settled so deeply into a support area going back many years. The sell off on some charts even showed oil dipping it's toes into the 19$ mark...incredible. We obviously have major macro drivers here, but I am looking to go long for a swing trade (days, I fear weekend exposure these). We can see oil down with a support level from last month, it was strongly rejected at that first attempt to drop below it.
I know this is an hourly chart but there is a sizable pattern here that is repeating on higher time-frames.
You will notice that I applied a Fib level, see how OIL is trying but has not closed below that beautiful 61.8% level?
A notable event today were the inventory numbers, they are huge! so much supply, which obviously drives price down and it did not...I have taken the long as there is a "confluence"of evidence for me here. Saying all this I am using risk management.
MACD - Present.
RSI - Was over sold.
Pivot - We are at a support Pivot, albeit just #1.
Psych - major Psychological level of 20$
Trade active:
We will see how far this bump brings us.
Trade active:
We have seen a nice run up, price is starting to enter resistance, I see more upside but I have taken some profits and if conditions look right, I may add to the upside if the candles are telling me that story.
Trade closed manually:
I have taken most of this position off, it has served me well and trying to milk a little more is not worth the exposure for me. Super small position on with a high risk reward ratio, for the most part position closed.
Trade active:
I went long again...I may do another updated trade idea.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
I see higher valuation.