Good opportunity to sell some upside calls or call spread, above 1.60 strike for sideways or correction lower IMHO
Targets on downside middle BBands and lower trend line (orange).
(Time frame next 5-10 trading days)
TOP-DOWN ANALYSIS
H4: We have started to turn back from h4 supply zone
H1: if 09 hour can manage to be closed lower than 1.4805 line, H1 will have been created too
15MIN: There is an original 15min supply zone inside of a potential h1 supply
TP1: 1:1 R:R
TP2: Trail till just before H4 Support
TP3: Trail till daily demand zone
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H4 : there is an H4 supply zone formed
H1: and inside of that there is an H1 supply zone too
15MIN: there is an original 15min supply zone inside of an h1 supply zone
which means that there is a high probability of 15min working out
TP1: 1:1 R:R
TP2: i will be trailing till opposing H1 support
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H4, H1 : Currently, price is reacting from H4 and H1 zones
that means watch for LTF(lower time frame) buying opportunities
5MIN : Just created an original demand level as a buying opportunity
TP : be loking for a quick 1:1 ratio. No need to be greedy on such a small time frame
Good luck to all!
DAILY : we are currently consuming the daily demand by basing inside of it
H4: we just created a new h4 supply zone just above and
H1: there is a h1 original supply zone too.
TRADE: i am planing to get short at h1 supply zone as shown on the chart.
Looking at further lows with heating oil, potentially the 2009 lows. This setup has the potential of over 2000 pips!
Good luck :)
SORRY NEW TO TRADING VIEW SO IT MAY LOOK LIKE THIS POSITION HAS HIT STOP LOSS BUT IT HASN'T. THIS TRADE WAS POSTED ON 04/08/2015
Heating Oil (futures). is ranging in a symmetrical triangle of corrective waves pattern. from the diagram above wave (b) retrace 0.886 of wave (a) @ 1.6640. wave (c) retrace 0.618 of wave (b) @ 2.0518. within the triangular range is we expected to see wave (d) to retrace 0.886 of wave (c) @ 1.7139, and wave (e) to retrace 0.618 of (d) @ 1.9416. however at the end...
Heating Oil (futures). is ranging in a symmetrical triangle of corrective waves pattern. from the diagram above wave (b) retrace 0.886 of wave (a) @ 1.6640. wave (c) retrace 0.618 of wave (b) @ 2.0518. within the triangular range is we expected to see wave (d) to retrace 0.886 of wave (c) @ 1.7139, and wave (e) to retrace 0.618 of (d) @ 1.9416. however at the end...
This is a decent price to hedge and lock-in the price of your home heating oil for next winter while prices are relatively low in the range of the past 2 years. Sure, the price could go down, but I like the odds here. Heating oil is oversold and you can confirm what you will pay for next year.
If prices rise sharply from here, you are locked in for the season...
