For WTI crude oil
, 30 is very critical level. Can't tell whether there will be trip to 34 - 36 from 30 or will submerge further. But since equities and other commodity currencies are trading in lock step with oil
right now, it is a key to our trading strategy today. Initially we believe 30 will hold the first attempt at least. So here on spike lower, buy equity ( S&P futures
- around 1975 support level
), buy AUDUSD
and then wait for quick bounce to offload some. Don't let entire position go because if this is the interim bottom then you won't get more chances. Sometimes we don't need to know the exact future but technical analysis
can give us good support resistance levels to trade around and keep the account growing.
long has worked out well so far. Not much convinced from the bounce from support level
but still 50 pips is a good start of the week !