I've been looking over the gorgeous charts that you've
published. (however, i do not see this particular daily)
On Oct. 16th you published this chart below of daily Brent
with basically the same trend lines, BUT recommending a long.
So now you're saying you had a profitable trade going short ?
Since Brent and WTI move in the same direction ----- I'm confused !
Thanks for your thoughts and wishing you a pocket full of pips !!!!
These are very good questions. I will try to be as clear as possible:
- Any financial security has correlations (equal correlation or inverted), which DOES NOT MEAN that we can establish a cause-effect situation because of the variety of drivers that affects price individually.
- As a technical trader we try to measure those idiosyncrasies between price-action and time-factor as a ruler to understand market psychology.
- Considering all the above, this business is all about risk/reward. That's when a good trade system come along to take advantage of the ever-changing market , allowing to be profitable even when the previous predictions contemplated no trade at that time.
I still don't see how or why you'd clearly recommend going long on Friday and then publish on the following Thursday
showing how you actually went short on Monday and made a profit ---- From almost the exact same chart/pattern:
Which by the way i can't find published on your TV list.
your mentor is Dennis Gartman.
I'm sorry, but your answer makes no sense and does not even begin to answer my simple questions.
Also, I did not recommend going long with the UKOIL chart. It is needed further notice to perform any trade with charts like this.