I can still see oil dropping waaaaay down if we keep producing more than we are using and the world economy continues to slow. On this time frame I am watching momentum shift and if not for the oil news this morning we would probably have seen some upward movement.
I will trade a break of the string break of the 4 hr (blue) TL using my breakout rules (link to chart below).
Also look very strongly at the 1.27 extension ready to take a long position there if I get bullish signals.
Ultimately unless something changes the landscape I will long in the lower support zone with an eye to at least the green daily trend line.
Educate yourself, create a trade plan, validate your trades with other trader's ideas. Own your trade good or bad.
Don't be a sheeple to those that give ambiguous directions.
I will trade a break of the string break of the 4 hr (blue) TL using my breakout rules (link to chart below).
Also look very strongly at the 1.27 extension ready to take a long position there if I get bullish signals.
Ultimately unless something changes the landscape I will long in the lower support zone with an eye to at least the green daily trend line.
Educate yourself, create a trade plan, validate your trades with other trader's ideas. Own your trade good or bad.
Don't be a sheeple to those that give ambiguous directions.
Comment:
On the HTF the downward move would be akin to catching a falling knife right now. I will not take the long trade as planned unless I have a break of the 4 hour trend line.
Comment:
Sorry wrong chart
Comment:
The price turned exactly on the top of the support zone ( a little bit above the entry I originally had.) So lets see if next week we get a break with a shallow correction allowing us an entry or more down.
Happy trading and have a great weekend..
Happy trading and have a great weekend..
Comment:
We are seeing some divergence on the 4 hour but oil still has downward momentum. I have placed a trade so the entry will be when price comes out of the PRZ. If price continues through the zone I will take the trade off and look for another longing opportunity.
Trade closed: stop reached
Comment:
My stop might have been too tight. This may be the correction I was looking for. This is the first strong impulsive move in oil for a bit. Look for a shallow pull back and a long on the break of that pull back should head towards the blue trend line in the chart below. If a steep pull back wait for bullish signals before entering.
Oil is twitchy right now so I would suggest a move of the SL to break even fairly quickly.
Oil is twitchy right now so I would suggest a move of the SL to break even fairly quickly.
Comment:
The move up has yet to give us a crossover so it is still the 1st wave on the 1 hr TF. I am expecting a pull back and a 3rd wave up to the TL and shorting area.
Comment:
Look for shorting signals from a bounce here.
Comment:
A strong break of the 1 hr trend line followed by a small correction on the LTF could be a good place to short oil for the near term.
