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.
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.
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.