Fundamentals are showing, lots are watching short, end of year approaching, Fed & EIA + API today + "...geez, did you see what just happened..." = sit back and wait and watch. Everything telling me to buy, especially peers, but thinking a lucrative lower bottom could be trending (even if past EOY.) End of year, Christmas Rally, emotions are there to go higher,...
Gas Oil futures price is currently testing the 61.8% retracement of the previous uptrend and this also happens to be a zone almost in confluence with the support zone. The price also seems to be forming a symmetrical triangle on the upper timeframes, therefore we should watch how the price tests those support and resistance zones, as those areas can provide good...
Here is your chance. Stop watching BIll Nye for a few minutes and open some LEVERAGED shorts on Heating Oil. The science is settled right? Only an idiot would DENY this?
Go ahead!
(None of them actually do this when challenged because 1) They are broke Soy Boy's and 2) they know its not settled science
Further to my recent "oil sell-off complete" chart (linked), I'm much more cautious getting long energy, especially because of this heating oil chart.
Will see how both my Brent crude and heating oil charts line up going forward but I expect Brent to be considerably below my target zone by the time this heating oil chart drops into the 2.04 and below buy zone.
Trading Signal
Short Position (EP) : 2.1907
Stop Loss (SL) : 2.212
Take Profit (TP) : 2.1167, 2.0996
Description
HOZ2018 formed DRF Sell at 1d time frame. Trade setup with Sell Limit at 0.382 Level (2.1907) and place stop after 0.618 level (2.212). Once the position was hit, place take profit before an agreement (2.1167) and 2.0996
Money Management
Money...
Heating Oil has just made a Higher Low (RSI = 52.430, Highs/Lows = 0.0000) at 2.1600 on the 1W Channel Up that has been dictating its direction since January. Technically this is an ideal long term long entry towards the 2.4466 High.
However on the monthly chart and the 1M Channel Up (RSI = 60.743, MACD = 0.148, Highs/Lows = 0.0482) that started on January 2016,...
Heating Oil is trading within a very long term 1W Channel Up (RSI = 60.650, MACD = 0.049, Highs/Lows = 0.0425), highly volatile, but after having made a Lower High, seen on a strong 1D Channel Up. We are long aiming first at 2.3061 and 2.3404 in extension.
Heating oil in a light bull trend since 2016. The market is moving in upward channel. Likely to pull back at the current levels. Look for selling opportunities next week. Probability H.
Heating Oil is trading within a long term 1D Channel Down and is coming off the most recent Lower High (RSI = 45.169, MACD = -0.007, Highs/Lows = -0.0171, B/BP = -0.0334). The downside potential is significant but we will only go short if the August 02 low (2.0863) breaks. TP = 2.0421.
Been doing some research the past week to test different tools to read this market and so far ichimoku and the CM_ULTIMATE_... (long name, created using combo of multiple tools) work the best.... Also i see the MACD helps along too but most definitely not needed but helps confirm signals but not as good as the other 2 on this market imo.
Entered the market a...
Proposed EW count for Gulf Coast Jet Fuel Futures:
Box denotes the wave travel of the minuette wave (I am not careful about using the correct EW notations) travel. I was tempted to label that as inermediate wave (3) but it would be the shortest wave and that wouldn't stack up.
I would be looking for wave C to possibly make a 1:1 or 1:1.618 extension for sub-wave...
