vlad.adrian
Long

OIL is ready for a bounce update 1

NYMEX:CL1!   Light Crude Oil Futures
685 16 11
The chart is still very bullish . I have included the Weis Wave now because it tells a great story, a bullish change in behavior and a light volume pullback. Divergences are everywhere, and everything is happening at a very important support level . I would be very surprised if OIL             will not rally during the next couple of weeks.
Interesting thank you.If you were short, could you recommend a good place to put a stop loss? After today's trading session, I just don't feel comfortable being long crude oil.
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vlad.adrian PRO NicholasAmato
Above 94$ but that is just to answer your question... I would not short this... ever
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NicholasAmato vlad.adrian
In general, doesn't being short make sense? The trend is down, correct? Every spike up gets sold. You seem very confident we hit a bottom and I thought one of the first rules you learn is to trade the trend not pick bottoms or tops? Let's say I want to buy long, where is a good entry and stop point? Long here, stop under 92?
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vlad.adrian PRO NicholasAmato
Well, that is how I trade. That is how my system works, and it works pretty well. I can't go with the trend when I see what I see on OIL. I can stand aside, that's for sure, but I can't short something like this. I use soft stops, but if you do wanna use a hard stop, it should be below 90$
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Any thoughts on how high it could rally to ?
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Yes, check the linked chart above the comments section. I highlighted there some levels
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Hi vlad, seems more a continuation of the bear trend
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After what happened today, I don't want to be long anymore, but I don't want to be short either.
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The trend is your friend....
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vlad.adrian PRO NicholasAmato
It is my friend, but not when I see such a strong divergence.
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How you would consider entering long now, after today's strong rejection ?
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I don't understand what you mean. On those rejections you want to be long for sure
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NicholasAmato vlad.adrian
how about now? Looks like rejection of the uptrend? I'm flat :/
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vlad.adrian PRO NicholasAmato
I would never short this market, ever. The chart still looks bullish
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virgotopia PRO vlad.adrian
Vlad: "After what happened today, I don't want to be long anymore"...
Virgo(2 days later): "How you would consider entering long now, after today's strong rejection ?"

My question was about that very bullish hammer on 2nd Oct that could make you re-consider " I don't want to be long anymore" position.
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Yes, I'm sorry, I was either in a rush or didn't read properly, cause my answer was confusing.
When I said I don't want to be long, it was on 30.09, the day OIL fell 4%. Then, when you asked me about that hammer, the chart looked even more bullish then it did when I first posted this chart. It's very annoying to change your bias on a daily basis, according to how the price moves, but that is the problem with my system. If I don't have a clear signal from a longer time frame, I change my bias on a daily basis. Besides that, I believe OIL is a very annoying market, very wobbly, with few trade-able signals for my trading system.
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