Some important levels for crude here. As you all know I went long at 45.80's and am deciding what to do on trading next week on whether I will close my position for the time being or not (Due too 200MA and doji top, and stoch divergence situation)
These levels are all key levels and are instrumental to accurate crude oil trades. I, personally, hope to see a minor pullback off the 200MA, and a reload and uptrend continuation scenario. But I will trade what I see, not what I feel on this situation. I am happy to go short if the right set ups occur. Just as I am happy to go long if the set ups occur. Neither scenario phases me, and being in this range level we have a nice amount of time to think about it.
Best of luck, Tom
Comments
IvanLabrie
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Excellent Tom, same view once again haha.
I'd like to go long on retrace, here and on XOM, or maybe purchase calls but I'm not an options guy.
_trader_
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Tom like your work, wish i could do this. Hoping to learn more from you in time. Appreciated :) J
ElPatron.Y
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Great Tom, I expect a plunge to see new lows more than a rally
TomProTrader
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Yeah, agree with XOM.
On retrace, looking to buy APC, ((SHELL, BG GROUP- need to be aware of takeover news of these two...)), HA, XOM, Dominion resources, perhaps some other minor market share contributors...
Tom
IvanLabrie
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Ah, well, XLE... :D
Check out JVA, I think I caught wave 2 low, of a wave 1 advance, of a new bullish cycle at 4 bucks.
TomProTrader
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Yeah I saw that when you previously said about it, but I forgot to reply to it, sorry about that.
Yeah liking JVA, kind of handy that even if coffee is being hyped up, that technicals can still support a sustainable trade which is handy. :)
Tom
TomProTrader
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and yeah, there are some gems in that fund, I will just pick the gems out of the dirt. :)
IvanLabrie
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Gone mining...:D
I think we will have a nice year from now on, lots of big trends starting.
TomProTrader
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Yeah, waiting for new cycle beginnings where can place long term holds. Lovely
IvanLabrie
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Takes some patience, but worth it...commercials and money managers seem to be willing to take on some new risks with this new quarter. Specially after the FOMC minutes made it clear we won't see rate hikes any time soon.
I'd like to go long on retrace, here and on XOM, or maybe purchase calls but I'm not an options guy.