Oil needs to consolidate.Trail stops,pull back to 44 is possible

FX:USOIL   CFDs on Crude Oil (WTI)
362 5 6
As I wrote on Twitter, I closed all remaining counter longs yesterday. Frankly speeking I closed first chunk of longs too early, but net I think my avg             will meet the point of the original trailing stop I should have used anyway.
Anyway, if you are still in the bullish camp, it is time to close and take partial profit and/or trail up your stops

- Very impressive move from the lows, but 48,70-50 is a very strong resistance zone both on daily and on weekly chart.
- Ichimoku setup is back to neutral, but it will take more time until it can go strategic bullish , as we have a very thick Kumo ahead.
- Price got very quickly to very high above Kijun Sen, this normally is a warning signal itself.
- Heikin Ashi candles are super bullish , but haDelta printed an extreme high value, also today candle seem to have a lower high, so some form of consolidation or pull back has to happen.

However pls             note that the longer term picture may improve a bit in coming weeks/months:
- On daily chart a weak bullish Tenkan/Kiun cross is about to happen
- weekly Heikin Ashi signal turned bullish
- weekly chart may have started to build a longer term bullish wedge . This doesn't mean Price can't check 40 or sub 40 levels once more, but we will have to watch this pattern development carefully!

Unless some "white swan" flies in and pulls price over 50, I think we saw a local top, and we will see some pull back towards 44 or maybe even 40. What will happen at those lower supp/res levels I have no idea. As usual, we have to see behavior when we get there.
Some asked me if I'd go short here. Well, my answer is that right now I do not see a very good risk/reward setup in any direction. I mean probably shorts have better possible payout from here than any new longs, but I could not participate in it in a relaxed way. I made money on this extreme short squeezed counter trend, so for me it is time to relax and watch only.

On Gold             , USDJPY             , DXY             , SPX             I still see more opportunity and better risk reward. We don't have to be and we can not be always in a position in all assets.
And as fast it moved up, it suddenly dropped down. I did small long trade today from 44,35 based on 4H Kijun retest, but as I also had fear that it may become a head and shoulders on 4H, I sold it at 46,00. Unfortunately I bought it back again at 44,10, got stopped right now at 43,60. Daily and 4H not confluent any more. Selling is back. Risk off is back.
Excellent, similar view.
I'll review your DXY and Gold.
Nice. Thanks. :) re gold, bullish or bear, next two weeks (fomc decision, etc) ?
Kumowizard claydoctor
next two weeks I don't know and I can not predict :-)

For now Gold is still bullish biased, still missing some acceleration. pls check my previous posts in last few days, also see my Twitter acct @Kumowizard for updates. More acceleration expected above 1150
Kumowizard Kumowizard
I am long Gold, short SPX, short USD via USDJPY DXY and EURUSD. Flat on WTI now.
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