We are back inside the weekly trendline. This is a major line and I expect some fighting in here before we get a definitive direction. If you are long from support keep stops tight. Targets would be 99.00 - 99.75 area. FYI...if you are trading the SEP contract you should roll into OCT on Monday. We do not have a position...we missed it (Bummer). Have a...
I think the market may rebound if the weekend proves uneventful news-wise. This type of trade requires me to risk $200 to make $200 or more.
Crude oil tested a critical support level on the daily chart last session. This market has experienced such an aggressive sell off, it has forced price to accelerate away from its mean value - leaving that mean to price gap. Generally when these gaps occur, the market likes to 'sling back' and fill the gap between mean and price which is knows as the 'elastic...
Crude oil tested a critical support level on the daily chart last session. This market has experienced such an aggressive sell off, it has forced price to accelerate away from it's mean value - leaving that mean to price gap. Generally when these gaps occur, the market likes to 'sling back' and fill the gap between mean and price which is knows as the 'elastic...
* Price hit the extension of the neckline from last year's large head and shoulders pattern and reversed almost to the penny. * Price is still in a broad range area that may prove to be choppy. Trade the range until a trend is determined. * Until price can break above the neckline extension trend line or break down back below the red descending trendline...
These days I listen and read pretty optimistic forecasts for the gold price. For now see this triangle , If this scenario is true the price of gold will soon begin to fall. What are the chances of this happening?
Since the beginning of 2014 the price fits into an uptrend channel (red lines), in the same way, from May to late June, the price is on an upward channel, and the price converges in a zone where the price getsto an oversold position, moreover, the price has already pass through the previous resistance, and now support, so we wait until the price goes to meet the...
Sort of Symmetrical Triangle formation but more Ascending Triangle rather than Symmetrical can be seen on Crude Oil Daily chart. Anyway, I really like price movements within any kind of triangles until it gets really tight and hot, and when it gets broken it's another opportunity where we want to be placing our orders, right? My prediction is a short term...
Goldilocks is off and running. Per our past posts we had been leaning long but we exited all positions because this coil was getting tighter. The bears won this battle and we are short. We are expecting a fairly large move so we will trim and trail on the way down. One key to successful trading is to push the trade as far as you can. It's hard to do but most...