Technician

Add This To Your Toolbox ~ Oil/Copper Correlation

FX:USOIL   Crude Oil (WTI)
1702 20 52
Nothing to write here, as the chart explains everything, i have written several posts on this and published several trades based on this correlation. However this is a wider look with history going back to 1990. Enjoy it, it will surely help you make more informed calls.

Comments are welcome..

Best of Luck , join me at https://twitter.com/thefxchannel
Also at my Facebook             page http://www.thefxchannel.com
My best regards,
Technician
mmm does that mean 10/10? :D
Reply
Technician TOP Technician
or 10 likes?
Reply
Both :D
Reply
Oh appreciate it :). then dont hesitate to push the like button buddy ;)
Reply
fantastic...thanks again
Reply
Technician TOP theloneranger
Ur welcome
Reply
I am sorry, but I don't understand situation on USOIL today. It still short?
Reply
Great chart! May I ask if you are playing this with short USOIL and long Copper? And how do you determine the entrypoint to this trade? (Since the spread is likely to adjust at some point but you don't want the position to run too far against you, also you might have some carry considerations right? Thanks, and again nice one! Cheers
Reply
Hello, thank you.. This is not a go direct go short chart, this gives my an indication of a potential trade, i time my trade through classic technical analysis analysis. for example, the latest divergence suggested that crude oil was moving higher but copper was moving lower, so which one will adjust ? This is the key, in that particular instance crude was rallying due major geopolitical events, which is a temporary factor and therefore logically its the one that should readjust. Then I will start looking the daily chart of oil, to find a good shorting setup such as bearish candlesticks and support breakout. So thats why the title says " Add this to your toolbox" coz its just one tool that should be complimented by more tools.
+3 Reply
Probably the time for WTI to bounce up, since copper can't go lower anymore.
Reply
why copper cant go lower anymore?
Reply
dp Technician
Coz @ developing costs.
Reply
Great Chart!!! Thanks!
Reply
Technician TOP diegomuscia
U r welcome mate
Reply
This comparison is a great idea!
However, if you move the chart in time (scroll left-right), switch timeframe or simply the starting point from where the comparison is calculated changes, then the divergence and adjustment zones also change. So, how did you pick to start in 1991?
Reply
True.. I chose a specific point where price of both were inline and started to diverge as my reference.
Reply
It....correlated ...now what?
Reply
we wait until we see divergence again :)
Reply
2use Technician
I guess in 2016 ;) seems to take years!
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
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