I'm not sure how much oil will correct before a buy on bearish oil. It may be shallow or a moderate amount. I feel the last impulse up in bearish oil will be strong and fast. Try to be open minded on the last impulse strength and have a trailing stop. It may exceed the target box, so adjust on strength.
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Oil didn't bounce well over Sunday night. I have a hard time finding anything on the chart for oil to continue higher. I had SCO going a bit lower, but oil is just ultra bearish looking. Still anything can happen....
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Again, I thought oil would bounce better-higher today, but it didn't. Bearish oil is still the trend even if a longer correction is happening. I have a stop on SCO near 42.70ish.
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Stop near $42. I get too aggressive with stops sometimes.
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I have a hard time switching from small scales to daily then setting fair stops. Anyways, Oil is bearish and should continue that way. I feel Wednesday will be a new low for oil during this cycle. It's no crime to take profit at anytime.
Trade closed: stop reached:
idea went south
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I'm looking to reenter SCO shortly. I think crude will max near the $49 area today. The target buy box is good. I got too confused when oil remained bearish and should have stuck with this idea that a good size correction would happen. I knew better, but the market changed my mind. A good example of how your mind needs to be dialed in on trading. You can have a great skill of charting, but if you don't have the proper trading psychology then you will push most of your earning to the side.
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Oil has stopped moving and I didn't see an ending spike up. Makes sense, because oil can only move so much in 1 day. The uptrend in oil is still active on the hourly and daily chart. My reenter on SCO is in waiting.
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Slow day in oil. I have a small play on oil going up on a spike. I may switch to SCO for a bear continuation if the chart points that way in the future. I think crude should reach 49-50ish....see what happens.
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Overnight oil tanked, but quickly recovered. I'm ready to reenter bearish oil and I'll have a stop near $38 on SCO. I see that overnight move down as ending the up trend and the early morning up price spike shows how rapidly the price action will be in an impulse down. Still it's all conditional that oil restarts it's downward spiral.
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I still feel last night's dip broke the upward trend. Daily chart has 3 days in the same price area and it seems to be retesting a long standing daily support. I don't do elliot waves as they don't work in general. I trade off of trend moves. Trend marks reversals in price that are waves. Much like the ocean tide that marks high and low tide. All ocean waves are relative to the ocean tide. I see watch skilled and intelligent people in Elliot waves and they can't make it work. They don't factor in trend/tides, so they never get the charts right.
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Looked good in AM, but crude is trending up currently
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My concern is this is chop price moment or it continues bull oil. Price should have bounced bearish off 49ish resistance. Bulls or bears aren't making money on oil at the moment...only flippers. My 2nd concern is the market goes bull and oil goes with it. Gold went bear, so that may be a sign. Best to see what oil wants to do next.