Oil coming into a key area at the bottom of an 18-month structure. Typically I would wait for this to fully correct (below the 18-month structure) and then make a decision on how to trade it. But I think the most glaring thing about oil, is the fact that the all time high was set in July 2008. Lots more money out there these days; lot more drivers too. Economy is...
Well today i have some bad and good news. Which one would you want to hear first? I guess let's start with thee crappy news!
I somehow missed a 500+pip bearish move on oil. Like who does that? Anyway, it is not totally a bad thing. Because the good news is that it has created some nice structure in the market on which we can base future trades. My bias on oil...
CL1! June2018 CLM as at Apr 29
Well, like most oil commentators, everyone has been expecting the break, either up or down, that just hasn't materialised.
From my last post of Apr 22 (Chart of Apr 20), all we can see is sideways drift, so
I have switched into candles to get (some) better perspective.
In my last post, I commented I expected volume to ease, which...
WTI Jun18 CL1! 20 Apr $68.06
May closed Friday with a final OI of 3.7k contracts.
June volume was down 140k on the day and OI reduced 3.1k
Generally volume will trade lower for the remainder of this month then start to pick up early May and increase leading into contract close on May 22.
So I would expect price to fade during this month, in the absence of an...
ny journey is normally predetermined with some planning (what time is my bus, flight, train?, what time should I leave home, hotel?, where will I get fuel, accommodation, meals etc).
All sensible trading should have similar plans, and back up plans.
Lately I have noticed considerable ES activity outside US trading hours. This must scare some traders when they are...
WTI Jun CL2!
It is rare for a major trend line to be penetrated and for that movement to continue the same day. So that is why I believe we will see some oscillation around this break on the Major for a day or 2 while price consolidates its latest movements.
This will also be a major decision event as we have a trend break but a wedge coil under development,...
