OILU ULTRAPRO 3X CRUDE OIL ETF
ENTRY 1 1.20
ENTRY 2 1.00
SL 0.13
TP.1 $8.00
TP.2 18.20
TP.3 28.20
TP.4 36.00
TP.5 48.00
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Today we are in a very big consolidation, and inside that have to be thinking back and forth so as oil moves up to red zone and or the first blue target I will be looking to short oil, this can be a day trade or a longer time hold, however much over first upper blue target the bear maybe dead and oil could take off so play safe if a swing trade. and always when a...
Well interesting day in front of us and oil will do it's part.
Looking lower for oil and it might come after a bounce or on a down rip, will be ready for either idea.
As always the Red zone provides many many clues to how the day action will be.
Oil did what i mentioned yesterday and chopped inside a small range, now that range has expanded and looks like will still be choppy. Choppy until some real news is my thinking. when it break a few fast points will come in on either side of the balancing zone.
So today will look for longs near red bottom and shorts near red top.
Oil could be moving into a multi day smaller range consolidation so watch for a day of tight smaller moves. On the other hand if it breaks the consolidation a good sized larger move could easily happen so do not get caught thinking you know what will happen in oil. Play the action and the reactions. right now we are finding support that is decent around 32 and...
Now that is a balance breaking down side move and is strong down side so gives me a bias to shorts, with a 42 target.
the best a up move I think could have is 46 and then back short.
today we remain in the consolidation and will be looking for consolidation type trades. but will be ready for the bigger unbalancing move.
So long in the area of the red bottom and short from the red top area.
Today not even going to talk direction or targets, we are inside the red zone consolidation until we are not, and when we are not that is very important information. So i will be looking for trades using the sloshing of the market until one end of the tub over flows.
Well oil has bounced up some and needs to show us it wants to go higher before getting long today. The range for the day is plenty large enough for good R/R trading from the red highs and lows, but watch for impulsive action near these levels. My gut ( for what it is worth) says oil will move higher , but always be ready for the down side test as it looks for...
today looking at a bottom side consolidation that needs to break for directional info, however the range is wide so some very good inside trades can be had today, so follow the impulses.
Today will tell a interesting oil tale on where oil wants to go, so will be watch the red zone for my first clues. Has been a wild week and we could stall for a chop today but be ready to respond to a big reaction.
We are still under the short line from yesterday so still leaning short.
oil is finding new lows it has not seen in a very long time and for now will not post any lower targets below the ones on the chart, however look out below if the blue lines do not hold.
Will be seeing if the up side can gain any strength today on inventory numbers at 10:30
today will be watching the red zone and the first blue target zones, I feel no clear direction until the first blue zone is broken. I will be looking at inside trading as long as this wide area is in tact.
we have had a good sized move to the bottom of the big multi day range and will test that range to see if a move to teh lower targets is going to happen. I am thinking it will.
Watch red zone and impulsive action and trade accordingly.
Oil has been moving down back into the top of the prior multi day range and this red bottom is an important level to watch to know if the buyers step in or just let it go back into that prior consolidation. For today at least oil is giving a look that the up move is tired and does not want to push much higher.
So I will be looking for smaller choppier trades or a...
Oil has found it way for now and that is up, so looking for bottom of red zone test below and bounce or a red zone top retest up move.
I Flip short if we move below red zone and stay below.
watch today my es charts are on April and usoil on TV does not look to be on the same expiry period.
Yesterday has a fantastic accumulation and unless we can move back into the prior distribution oil looks like it wants to go higher. The early session high (red top) will be the clue as to if this happens today.. Move down I think would get back into some choppy stuff.
