Kumowizard

Very bearish and very oversold!

FX:USOIL   Crude Oil (WTI)
632 5 12
Weekly:
- firm bearish Ichimoku .
- Bearish momentum increased this week in Heikin-Ashi
- Price is reaching POSSIBLE bottom of trend channel and a wedge . Wedge only valid if lower line holds. Fetting Oversold!
- Maybe in next few weeks we can see some slowdown in selling

Anyway, if it goes at this nominal pace, by Febr/2016 WTI Oil             will be free for everybody! Hurray! Please also consider, that since last Muppet eeeee I mean OPEC Meeting all news are bearish! There are only Bears in Oil             market! You remember what has just happened to EURUSD             right? Get ready for more volatility .

Daily:
- Not much to add, it is a falling knife.
- For sure the correction will be at least as agressive as this selloff, due to lack of liquidity and probably increased short positions.
- Price drop too sharp, far below Kumo and Kijun, EWO             also shows it is getting a bit stretched!

Note:
I was trying to catch few times a bottom intraday. Even if just in small, but I lost money on 4 out of 5 trades! Conclusion: don't try to guess the market, not even intraday, not even in small! Until you see a clear counter trend signal, the "looks like" opportunities can cause at least a serious menthal harm, if not a financial drawdown. :-)

When u fck yourself mentally with early bottom fishing and multiple stops, it will be a lot harder to buy in again, when the proper signal is there: human nature, your mind will second guess due to hidden fear and negative feedback loops.


Totally agree with your note :) Is it just me or do other people hate trading in every December?
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I also got caught with the bad trades in recent intradays cause markets are choppy. Better sit on your hands
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You're right about bottom fishing, It is an ego game. Actually part ego, part fear (of missing the maximum move in reverse).
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I"m finding trading HOD.TO long has worked very well this week. Despite 30% failed trades I'm up 10%+ this week.
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