#2 is in the bag and we will push this trade as long a we can. Ideally we want to see the 200 Day EMA at around 56. This is a long way away but if this move is for real we should be able to stay with the trade. As price moves we will adjust stops to follow. We like what we see with the whole energy complex. Stay tuned.
More follow through for crude today. We pulled stops up a bit to lock in more profits. Price kissed the August highs and pulled back a bit. However, crude is still strong and is being supported by the energy sector. We expect price to blow through the August highs an continue on to the 52 - 53 area.
Two days ago, Oil broke out the triangle it was caught up in, which has propelled it to 49.72. Although the bollinger bands were still spreading up, Oil was traded outside of those bands, suggesting a very bullish trend, and a higher volatility. Nevertheless, Oil should re-enter its bands before it continues its rally towards 50.14. It mostly explains yesterday's...
And the long side is the winner. Crude triggered a few minutes after the RTH open this morning. If you missed this opportunity you were sleeping. There was 25 days of prep time. She moved far enough to give us our first target. Stops are now at entry at $46.71. Tomorrow we have the Petroleum report so we don't want to puke out a good trade. We are hoping...
Oil is starting to break the consolidation it has been caught into for the past week. The EMAs are converging upward, which means an undergoing uptrend. Cutting through 47.10 will make the breakout scenario more secure, after the long consolidation Oil has been going through. If it happens, Oil will rally to 51.54 the Triangle's objective, with 50.14 as a...
CFTC non-commercial net positions for WTI oil rising for fourth week reaching 231k net long contracts. In the past similar repositioning among futures traders was in March of 2015. Goldman Sachs recently came out with unrealistic price target (20USD).Usually also a sign of reversal. Remember Gold prices in summer of 2011 what did Goldman say?
WEEKLY VIEW of Crude. We have been hearing a lot of predictions about crude and we have even stated that we like the upside...but if you take a close look at the weekly chart it illustrates how crude tested each side of it's range and then closed in the middle for 5 straight weeks. Lots of indecision. The weekly pattern screams more upside but the indecision...
After week of a compressed consolidation, Oil finally made a considerable movement towards 47.10, only to close in the red, back in the same consolidation area. The main challenge remains breaking out of the consolidation and witnessing the emergence of a trend. Re-visiting 47.10, today, and crossing this level would be promising for a bullish market with 51.54...
There's an active daily time at mode uptred at play here, and the price seems to be forming a pair of nested impulses in EW terminology. This is secondary in my analysis but I suspect that we will see a correction take place, allowing us to enter a long position with excellent risk/reward tomorrow. The fibonacci retracement levels or the low volume support area...
I don't need to say anything, this is an absolutely gorgeous setup. Entering long at market during Sunday open with a wide enough stop below the 16 bar mode should work really well. I'll look into scaling in every chance I get from the 4h chart here. Initial target is the triangle's top by June 22nd, potentially extending to meet the balance point, which matches a...
EURCAD has one more week left to reach 1.47561. If it doesn't, it will most likely turn into a short with a 1 weekly ATR stop. 13 week CCI is showing bearish divergence, and we're close to 6.18 std deviations from the linear regression of the downtrend from high to low (figured it was an interesting value). Rgmov is stuck in a range, not putting out any new...
As the title says, there's a confluece of the daily uptrend signal with a 4h uptrend signal. Both point to the same time for expiration of the bullish momentum. Since the top I initially called in my other chart (see related ideas), crude fell down in a potentially impulsive manner, implying a resumption of the long term downtrend was at play. I still think that's...
It seems that USDCAD has hit rock bottom, reaching a strong support level showing buyers have emerged at this level. The fundamental landscape has been very negative for the US dollar but I think this time the unexpected will happen and we will see a rally. Buying after this bar closes, as long as above the blue line is a good idea, but we can also attempt to buy...
Similarly to USDCHF, this pair is correcting after a strong move up. Watching price action for a long entry. Tomorrow we have a considerable amount of news that will probably help fuel the next big move in this pair. Will update with the setup. Good luck, Ivan. Update: Waiting for the correction to end here, news should take care of it. Once we have 99%...
I think we're seeing the beginning of a strong uptrend, this just being the first leg up. Now, after a week heading straight up, I expect to see a retracement from this weekly fibonacci resistance, which lines up with a low volume resistance area in the 4h chart, as well as a highest low trendline resistance. I got out of my longs and looking to rejoin the move...
Price has skyrocketed in the short term, but it's now up against a weekly downtrend mode resistance. The daily uptrend signal target has been exceeded ahead of time and it would seem like the right time to turn into a contrarian. Waiting for bearish signals to confirm this speculative bias. Rgmov is warning us already, showing no new highs diverging vs price. The...
Setup on chart, there's a weekly background going but we might see a swift retrace on BOC news today. I expect an explosion after the NY opening bell. Good luck! Ivan.
It seems like the move off the top of my supposed 5th wave was indeed the 5th wave of an extended 3rd wave of a larger degree. Time at mode might suggest the bearish time and price target if we get a strong move down at the open. I'll be looking to sell at the weekly open, to then rejoin the bullish trend until the 5th wave completion. Should be an optimal entry...