Looking at the long-term analysis on the 1D view of Crude Oil, it looks like it is headed downward. Swing trade wise, it could still go up to 67/68 region, which you can swing trade if the opportunity presents itself. However, long-term view Oil is headed downward from it's July's high of 74, prices are below ichimoku cloud which is bear market indication. Now it could take weeks/months to hit bottom but I suggest leaning toward bear trend for the long-term outlook.
Have a look at 1HR or even 4/hr view for a more suitable entry point to go short. Suitable entry point being when many indicators are corresponding to go short, this way you are not stuck in a huge retracement and confuse for a trend reversal.
'A retracement is a temporary reversal in the direction of a stock's price that goes against the prevailing trend.'
The different yellow horizontal lines represent possible support and resistance areas after analyzing Oil market on 4HR, 1D and the 1W view. I suggest using it as a guideline and look for areas yourself and work with indicators in the long term view to determine when you want to exit market.
Please remember to look at what indicators are telling you if you can understand some, as they would likely help you determine a suitable entry point. Also, do set stop losses but be generous with how much room you allow for this due to candle wicks and there is also the posiblity to hedge yourself, for more confident traders imo.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
Have a look at 1HR or even 4/hr view for a more suitable entry point to go short. Suitable entry point being when many indicators are corresponding to go short, this way you are not stuck in a huge retracement and confuse for a trend reversal.
'A retracement is a temporary reversal in the direction of a stock's price that goes against the prevailing trend.'
The different yellow horizontal lines represent possible support and resistance areas after analyzing Oil market on 4HR, 1D and the 1W view. I suggest using it as a guideline and look for areas yourself and work with indicators in the long term view to determine when you want to exit market.
Please remember to look at what indicators are telling you if you can understand some, as they would likely help you determine a suitable entry point. Also, do set stop losses but be generous with how much room you allow for this due to candle wicks and there is also the posiblity to hedge yourself, for more confident traders imo.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
Comment:
Thought i should update you guys, i have decided to stay in my swing trade on the upside as oil market signaled trend reversal to the upside yesterday and reports today further confirmed reversal to the upside so what was to be a swing trade i now a bull run, if you entered bear prematurely, i would say hedge yourself or exit. If you waited for the upside swing trade i mentioned before to short, do not short anymore and if you entered a trade to swing up then stay in your trade as market is now bull run for the time being as of yesterdays trend change.