WTI - Still consolidation but swing time is coming
As we are getting close to week end, I decided to add weekly HA chart as well, to see a more detailed picture.
Weekly (HA): was this trend obvious? Yes it was. On this chart you can perfectly see how Heiken Ashi filters all noise. That's the reason why this method is so simple and powerful. When you are in doubt about a correct position, when you have the little devil in your mind calling for profit taking, then you look at the major trends on higher time frames through the glasses of Heiken Ashi, and your left brain and right brain thinking conflict is immediately solved.
What do we see now? Still a red candle, but there is a good chance that finally the body will be within the body range of the previous one. Please note that the week is not yet over! haDelta has been increasing for a while and been above its SMA3 (3 weeks this time) average. Of course the main trend is bearish, but we may have an indication this week, that the trend can lose its momentum a bit, and maybe we see some pull back towards weekly Tenkan Sen soon.
Daily (HA): not much change since my last daily post (please see link below)
It is a consolidation pattern, similar to the previous one in mid December.
If Oil could close the last two days, so the week with green candles, and if haDelta and SMA3 can finally move above zero line, then the long expected correction can start.
4 Hrs (regular candles): So how and when to play the swing long?
Right now everything shows consolidation and sideaway on this lower time frame too. Chikou Span is a Price candles, we have a very thin current and future Kumo with no indication for next direction (Senkou lines are flat), no firm DMI signal as ADX is too low (means not trending), but we have a slight upward bias in reaction lows in last few days (no lower low below 46).
From now the setup is simple. Trade on Kumo breakout. Stop buy ard 48,30-48,40. Tgt 53-54, Stop loss 46,50 (the lowest at 46)
Weekly (HA): was this trend obvious? Yes it was. On this chart you can perfectly see how Heiken Ashi filters all noise. That's the reason why this method is so simple and powerful. When you are in doubt about a correct position, when you have the little devil in your mind calling for profit taking, then you look at the major trends on higher time frames through the glasses of Heiken Ashi, and your left brain and right brain thinking conflict is immediately solved.
What do we see now? Still a red candle, but there is a good chance that finally the body will be within the body range of the previous one. Please note that the week is not yet over! haDelta has been increasing for a while and been above its SMA3 (3 weeks this time) average. Of course the main trend is bearish, but we may have an indication this week, that the trend can lose its momentum a bit, and maybe we see some pull back towards weekly Tenkan Sen soon.
Daily (HA): not much change since my last daily post (please see link below)
It is a consolidation pattern, similar to the previous one in mid December.
If Oil could close the last two days, so the week with green candles, and if haDelta and SMA3 can finally move above zero line, then the long expected correction can start.
4 Hrs (regular candles): So how and when to play the swing long?
Right now everything shows consolidation and sideaway on this lower time frame too. Chikou Span is a Price candles, we have a very thin current and future Kumo with no indication for next direction (Senkou lines are flat), no firm DMI signal as ADX is too low (means not trending), but we have a slight upward bias in reaction lows in last few days (no lower low below 46).
From now the setup is simple. Trade on Kumo breakout. Stop buy ard 48,30-48,40. Tgt 53-54, Stop loss 46,50 (the lowest at 46)
