TradeApe
Short

Oil Daily Analysis - F*** ranging!!!

FX:UKOIL   Crude Oil (Brent)
41 2 1
As a trend trader, this is getting beyond silly now. I'm tired of only playing lower TF charts due to ranging on higher ones!

Long story short:

- ADX is still well below 20, which signals a lack of trending momentum . So any moves will likely be temporary and fairly shortlived.

- D+ ( bullish ) made the last high above 20, so I'm only really looking for shorts at the moment. As long as D+ continues to drop, that won't really change.

- We're below the Tenkan Sen which suggests the bears are still in power. It's my "line in the sand". If it breaks clearly (!!), I expect a bumpy ride up to around 70 (eventually). Would be a nice proper trend change and signal a direction for a couple of weeks to come. But yeah, we're below the Tenkan...so I'm still biased more short than long.

Ranging's annoying, but the 57.75 level makes things kinda easy. I'll just keep on selling whenever it's close to it...but below it. I will turn into a buyer above that level.
PolarSolar PRO
2 years ago
Long only. I buy ICE each time 1/10 of planned size when price below lines and clowd ($55)
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TradeApe PRO PolarSolar
2 years ago
My SL never exceeds 20pips, I can't have choppiness...so kinda don't have a choice but wait for a clean break of 57.75. But yeah, if your system allows for wider SL, that's definitely an option.

If you really only buy super close to 55, you might not even eed a wide SL.
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