IvanLabrie
Long

Crude oil: Go long above today's high

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
1308 24 37
a year ago
After the crude oil             inventories news came out, we observed a drop under the weekly mode in crude, but rather fast, it found support and buyers stepped in, creating a hammer candle pattern.
This is considerably bullish , and to add insult to injury, price was supported right above the highest volume node, while rgmov is in a daily uptrend. Buying over this high in an oversold dip is common sense to me here, specially after it discounted the news like that.

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Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com
a year ago
Comment: Last daily close denotes indecision...a move above it today will be great for the bulls.
a year ago
Trade closed: stop reached: Stop hit, the stop and reverse comes in effect.

snapshot


Target
a year ago
Comment: CME futs continuous contract:

https://www.tradingview.com/chart/EURUSD/lJUpDZEF-EURUSD-1-Hour-3-Advanced-Patterns-Setting-Up-Ideas-for-a-Video/#tc248066
a year ago
Comment: Sorry, wrong clipboard data!

snapshot
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Assuming a 19 percent target move off a candle that wasn't even closed yet... What?
Reply
IvanLabrie TOP Tom_Killick
a year ago
Target is in case it eventually confirms the explosion out of this huge mode from where it was rejected.
If it starts trending up, the profile target is a bit lower than that, but still pretty close.
Reply
Tom_Killick PRO IvanLabrie
a year ago
This analysis is just poor I'm sorry. Using purely the mode on an unclosed candle makes no sense... Judging by this analysis you also bought on 15-10? (An identical situation to the one you speak, and lost?)

Your analysis consists of an unclosed candle, and a completely equal probability of an up or down move (Using the mode tools you've shown) in a move where the impulse is clearly down. You can't make analysis at times like this, it doesn't make sense.

Disclaimer: I claim not to know future direction of this commodity, although I am a bear. BUT, this chart doesn't help anyone with trading decisions, and I'd hate someone to trade this chart above and lose... If the commodity goes up from here, great, well done to you. But, it wouldn't have gone up because of your analysis at all.
Reply
IvanLabrie TOP Tom_Killick
a year ago
It's a technical setup, and completely valid per the techniques that I use.
I don't see the harm. If it manages to break below this, then yes, it would dive and test the next support below.
The idea is to buy above the lowest high. We can't know if it's the lowest high or not unless we try and we have plenty of reasons to try here.
Reply
IvanLabrie TOP IvanLabrie
a year ago