First trading week of the year has completed...Now the real fun and games start next week when liquidity and volatility comes back into the market. We caught a lovely short at the end of the trading week and as some of you will know I have been waiting all week for that move.
Let's recap everything so far:
Earlier on in the week we saw oil around the 74-75 where everyone thought the head and shoulders would come into play but we were one step ahead and didn't fall for this trap. All week I was screaming 79-81 will come through and we hit bang in the middle of it. We did take some short at the right shoulder but these were quickly scalped and profit was taken before the primary move. Oil lacked momentum all week as it's movements were slow until a couple of hours ago which showed signs of weakness which is why we didn't see the extra push and we noticed that before we saw the fall. Oil closed on a very important region for me and should the overall trend turn bearish we will see $56 from here (LONG TERM!) but we will put that to one side for now and focus on what we have at hand.
Trading plan for the upcoming week:
OIL has closed back within its smaller and larger channel which should push us down and we will see some nice pullbacks...I am already positioned in for these pullbacks. On market open next week OIL could push 79.60 region to give whales another chance at a decent short location but I'd be surprised now if we saw 80 or above again but a few daily candles below the current region and it should rule that out but again nothing is 100% in trading. The blue support line is what I favour most and it is where I am looking to short to. From here (blue line) oil will makes it's decision whether it wants to continue bullish or turn bearish and I will position accordingly once I see development. Ultimately I am short now as we should see pull backs for the new year, I will add further positions when the opportunity comes and I will stack accordingly.
Like and Follow this page...read my profile for a few surprises. You will quickly find I am the only place you need to come for your oil related content.
HAPPY NEW YEAR...let's get ready for profits
Let's recap everything so far:
Earlier on in the week we saw oil around the 74-75 where everyone thought the head and shoulders would come into play but we were one step ahead and didn't fall for this trap. All week I was screaming 79-81 will come through and we hit bang in the middle of it. We did take some short at the right shoulder but these were quickly scalped and profit was taken before the primary move. Oil lacked momentum all week as it's movements were slow until a couple of hours ago which showed signs of weakness which is why we didn't see the extra push and we noticed that before we saw the fall. Oil closed on a very important region for me and should the overall trend turn bearish we will see $56 from here (LONG TERM!) but we will put that to one side for now and focus on what we have at hand.
Trading plan for the upcoming week:
OIL has closed back within its smaller and larger channel which should push us down and we will see some nice pullbacks...I am already positioned in for these pullbacks. On market open next week OIL could push 79.60 region to give whales another chance at a decent short location but I'd be surprised now if we saw 80 or above again but a few daily candles below the current region and it should rule that out but again nothing is 100% in trading. The blue support line is what I favour most and it is where I am looking to short to. From here (blue line) oil will makes it's decision whether it wants to continue bullish or turn bearish and I will position accordingly once I see development. Ultimately I am short now as we should see pull backs for the new year, I will add further positions when the opportunity comes and I will stack accordingly.
Like and Follow this page...read my profile for a few surprises. You will quickly find I am the only place you need to come for your oil related content.
HAPPY NEW YEAR...let's get ready for profits
