Oil is still in no man's land, seems to be forming a descending triangle, I see three possible scenarios. At this point oil is best day traded as there seems to be indecision on where this market is headed.
Oil chart doesnt look good for bulls at all, if it closes below 51 (which seems to be the "demand" line) we might see a massive sell off to last year's lows. However, seasonally oil rallies in August 70% of the time (long August 7th to 27th) It's in "no mans land here" basically with the conflicting signals , probably safer to just daytrade it until we get a...
DWT 1) Short correction. 2) Double small impulses 3) During breakdown of the first candle. growth is same size of candle. (TD) Profit:Risk = 1:1 --- Buy Stop = $5.07 Take Profit = $5.23 Stop Loss = $4.91 ------ Take Profit = +3.16% Stop Loss = -3.07%
Although it is harmonic pattern or flag, it is good for long in short perioid
Chart shows everything. 4 hour closed above MA9 ergo -and RSI seems fine. Ergo -I went long.
Buying crude again. 48.9x's. will add around 48.6 with a stop just below 48.4.
Oil is hitting support. risking about 30 ticks here. Looking for 49.9 and 51.30 on the pop. Apparently i need more coffee as i put the support line at 48.5 NOT 49.5. I am LONG here with stops at 49.26.
Bounce-a-thon You can wait for the 50.13 resistance to break to go long or go long now and have a stop at 47.52. However, there seems to be a better risk/reward if you go long after 50.13. Be patient with this kind of setup since it's a daily chart. Also, I'm new so please trade accordingly.
Charting Usoil is very bearish right now. Trade at your own risk.
ALL IS ON CHART WAIT FOR SAFE PRICE ACTION AND POSSIBLE NECKLINE TEST. OIL ISN'T HAPPY WITH DOLLAR MOVEMENTS. SO IT THE DOLLAR TAKES A BREAK FROM IT'S PUSH, OIL MIGHT GET A BOOST.
Current algo targets (red circles) Crude algo intra work sheet 645 AM Dec 2, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo Considering the fact that a recent time / price cycle has expired algo targets are considered "soft" - waiting on confirmation. twitter.com www.compoundtrading.com
Diagonal trendlines are critical inflection points (blue). If one is breached you can look to pull-back to next diagonal blue trend line 90% of the time. Crude algo intra work sheet 617 AM Dec 2, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo twitter.com www.compoundtrading.com
Caution shorts. Support held. Crude algo intra work sheet 334 AM Dec 2, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo. @EPICtheAlgo Diagonal trend line (blue), Fib line (green) and alpha algo line (red dotted) all held.
Upper Fib ext testing now. Calculating upper targets now. Crude algo work sheet FX $USOIL $WTI #oil $CL_F $USO $UCO $UWTI $DWTI #OOTT #algo