OIL - The gift

FX:USOIL   Crude Oil (WTI)
2313 29 51
I think we are done here with the pullback. Today morning I was hoping that we drop down to the 50 EMA .
Didn't happen though. It wants to turn from the 10 EMA .
Today we also tagged and breaking through the upper trendline of the flag.
SlowStoch is crossing over again and heading upper. It's already overbought but in the 1st daily cycle it can be overbought for a long time.
RSI - this is important - we are turning up from the 50 level.
MACD - above 0 level. Looks good to me.

The only thing I don't like: today's volume . It should be higher. Tomorrow I would like to see a big volume green candle. That would be our "long insurance".

We are going to top in this daily cycle in 12-14 days from now. So I think this is the last entry point in this daily cycle to catch some money of the rally. The next entry point will be only the daily cycle low.
So all who wants to enter this is the point . It is a gift. Take it.
I entered 200 ERX before market closed.
watsonzou26 watsonzou26
We are heading Wave 5 if i am correct.
I have a few questions.

Where do you see oil topping for this daily cycle? It should go above 52, so somewhere between 52 and 60...?

Also, where did you learn about cycle trading?
Hi Arpi,
May be I need to read more, but I don't understand how you consider overbought SlowStoch and RSI above 50 as an entry point ? shouldn't these indicators drop now ?
How are you so confident this is break to the upside? here is a link:
I have no problem with Jack . He is a good trader.
But he missed this bottom in oil when I was in . (Just like the most people missed it from Feb to June)
And he also tried a revenge short because he is no watching cycles.
I try not to short at the beginning of a new cycle.
USOIL in my shorting zoine.
+2 Reply
chartwatchers PRO chartwatchers
The green and red arrows are my trades.
I think it's not bad at all. ( Yellow is caution)
+1 Reply
rippy83 chartwatchers
He did short at 48.3 or so, which was correct....However, I am leaning towards your long play here. Volume is a concern, but we did see some strong buying on Tuesday. What is your entry point here?
saif12 PRO chartwatchers
Did anybody tell you before that you have a very big attitude PROBLEM. You really need to work on it.
This comment is for Chartwatchers
I try to save your account from you. Oil short to 35.8$....
I hope you set a tight stop.
You cant short here.
+1 Reply
saif12 PRO chartwatchers
Do not worry about my account. Just worry about your attitude.
Oh good lord, I looked at your posts, and you shorted at the exact bottom in Oil. OUCH
+4 Reply
Geesze! I wonder who really has the attitude problem?
oil is forming a descending wedge on a 4 hr chart and ready to break it to the downside towards 43 dollar which will overlap wave a meaning we are in a monthly down trend oil is heading to 10$ a barrel
this descending wedge was a bullish reversal structure and has already broken to the upside and will now likely complete a classic accumulation structure. i am targeting the weekly inflections 52.74 with an anticipated top of 54.2 and expect prices to maintain a 48-54 weekly range over the next couple of months.
Possible Accumulation in Oil
chartwatchers PRO smitheric1970
I agree with you Eric. This DC could top around 44-55.
And zhe 2nd daily cycle could be a range just like gold...
But I think by the end of the year we will be around 60. Thanks for sharing.
chartwatchers PRO chartwatchers
smitheric1970 PRO chartwatchers
Excellent work you do! Very interesting, 60 end of year; the reason I believe it may remained ranged for a couple of months is that I think oil prices may be pressured near end of oct in anticipation of potential rate hike as the fomc dec meeting will be approaching. your thoughts?
chartwatchers PRO smitheric1970
During the last year the dollar had no effect on oil.
Does dollar price affect oil price?

Red boxes where dollar had effect on oil prices.
And we have to get prepared for a weaker dollar in the next 2 years.
+1 Reply
This is even better. We just waiting for an "oil will be free" comment.
If retail is this bearish I underestimated this rally..
So we might be around 80$ by the end of the year.
+1 Reply
ha ha ha funny
Hi, thank you very much for your view, reallu an excellent study.
Here I have a couple questions :
1) don't you think that September EIA report, due to seasonal effect, will be bearish and that we're going to have WEN upsidedown movement to take into account ?
2) Today's Yellen Speaks will have any effect in your view in oil prices?
Thanks as always for your patience !
I dont get why ppl are trying to short oil look at the bigger picture. Yes it was a good short a couple of years ago.

btw Nice charts Chartwathers :)

+1 Reply
great confidence.
what is the targate up?
I have to agree, those who just got into oil, even right now, wait 2 weeks, you'll be sitting in the 50s range. There is still time to enter before next leg up.
Arpi - Any thoughts before close today? Given the FED pulled a 180 and made hawkish comments? Thx.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out