Commodity Bonanza , After Gold, It's Black Gold - 7/7/2016

FX:USOIL   CFDs on Crude Oil (WTI)
63 0 2
Fantastic run with commodity trades continues and seems like there is nothing which can go wrong ! After hitting bull's-eye in Gold             during Brexit, which gave us the biggest one day gain of $90, today another commodity, Crude oil             aka black gold             plunged $2 in just hours after entry from 48. ( Please check the linked trade idea from yesterday) Looks like at this rate one can retire in a year ;)
Well this post is not for boasting about how good the trades were. Anyone who has traded for long knows markets humble you the time you feel being on top of it. So win or loss is traders life but eventually good traders are in profit because of better risk control mechanism. The point we would like to stress is about getting a grip on Technical Analysis . Especially for novice traders who are looking for answers to the question about how to trade profitably. And also for the skeptics of technical analysis .
Technical Analysis is the sole beacon for traders in often stormy markets. Many times there is no clear visibility of a trade based on fundamental arguments. Only technical analysis can give you clear entry and exit points based on strict risk control.
There is no foolproof indicator. Neither there is any magical trick. Only path to good profitable trading skill is hard work in right direction and understanding of the tape aka price action itself. People often miss simple support and resistance and go astray by some esoteric technique promising great returns. We are not painters and thus our charts don't look like Picasso's master pieces ;)
If you haven't yet then please learn technical analysis to trade better ! Good luck trading :)
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