6 months ago
6 months ago
Comment: Good news for oil bears: http://www.bloomberg.com/news/articles/2016-05-21/suncor-planning-oil-sands-re-entry-as-evacuation-order-lifted
I trade CL and use Fibs for a living...I teach how to use these measured moves. You are better off using FIBS in this way: once an over-shoot occurs - - and you are indicating this on your chart -- then a new Measured Move FIB long is drawn from the previous and most obvious low to the high indicated there...to be bearish in CL then we must VALIDATE the next Measured Move shorts by breaking this RANGE as I noted.
Francis, I will provide charts tomorrow morning, Monday. I have a website (Facebook page) where I post such charts daily for free for my "trading friends." I keep the list small and require people to pipe up and post their own charts. I use "Measured Moves." I also use "vaidating" setups where, again using FIBS, I use break lines (normally known as 61.8% levels) to show us if bids have been broken (buyers are "ambushed" - - look up "ambush trades")....or vice-versa, where short sellers are AMBUSHED or "squeezed." It is also helpful to know when we are in technical consolidations or PAUSES in the the trend..which could be about to break or continuation patterns unfold. So, Technical Analysis is for those who can stick with it, trade with it and know when to fold em...