FX:USOIL   Crude Oil (WTI)
1229 13 11
Hello traders,

It seems the macro outlook I posted previously is starting to show traction . I will buy USOIL             @ MKT when prices are available and I will buy additional lots with retracements, the SL will be placed @ 29.5

In addition to the fundamental analysis , there´s a potential wolfe wave pattern with good risk reward ratio

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6 Trading Rules :

1. Never add to a losing position .
2. Don´t be the first to buy low and sell high ., and don´t be the last one to exit
3. Think like a fundamentalist, trade like a technician .
4. Keep your analysis simple
5. Start small and increase exposure when trend is confirming your analysis
6. The hard trade is the right trade

Josep Pocalles
Comment: This chart would support more fundamental data , petroleum supply have peaked ?

snapshot
Trade active: I´m adding another lot at current prices. If today we close below 29.5 I will close the 2 positions
Trade active: Filter worked properly, today is an example why traders should wait for a daily close to determine players intentions. Bullish bias intact
Trade closed: stop reached: Price downside pressure still persists after several bullish attempts . I need to see price above 30 to reconsider scenario
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This chart would support more fundamental data , petroleum supply have peaked ?

snapshot
+1 Reply
Kil Realisto_FX
Hi,
What is this chart symbol?
thank you.
Reply
OPEC PETROLEUM SUPPLY, under Quandl database
Reply
Kil Realisto_FX
thank you for reply to me.
Can you explain detail about this symbol? or any information any link..
How can i use this symbol for oil trading?
have a nice day.
Reply
Kil Realisto_FX
Aha,
this chart and oil price is reverse correlation?
Reply
Kil Realisto_FX
if it drop, chart become head and shoulder.
thank you for your idea .
and
your trading rule is best.
have a nice day.
Reply
Re your questions, last chart is petroleum supply : Basic markets logic : if the supply is high, pushes oil prices down
Reply
Fundamentals are still weak : offer/demand. OPEC is still dragging its feet
Reply
Trendlines on a wolfe wave have to converge. Those are parallel.
Reply
Cyberdyne Cyberdyne
Well it was, but it came back, structure is invalid now.
Reply
Yep, I will filter the trade with my line in the sand, it has to close below 29.5 to definitely invalidate the structure. If you check at Gold , upside is also erratic due to number of shorts contracts till players cover positions
Reply
US OIL

I am looking to buy too,
+1 Reply
It could be a moment to enter long for those not in the trade yet. Long with SL below 30 on a daily close
snapshot
Reply
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