“You must be shapeless, formless, like water. When you pour water in a cup, it becomes the cup. When you pour water in a bottle, it becomes the bottle. Water can drip and it can crash. Become like water my friend.”
Minor change...added LITS (line in the sand lines) to mark up key levels on the regression indicator...manually. I do that on M5 and then fine tune entries on M1 leaving those M5 LITS in place.
M5 = decide overall daily trend direction
M1 - fine tune entries
(TV won't let me post M5 charts.)
Slight modification for intraday scalps taken on 1min charts.
Without going into details:
Blue = long
Orange = short
Tradingview won't let me post 1min chart...but yeah...mostly using this on 1min charts not M15.
Weekly Chart Analysis
The regression channel is still bearish and both my short and long term DMIs are also still bearish. Until at least the short term DMI crosses to the bullish side, I don't really expect all that much multi-week upside.
Having said that, the short term D+ is clearly crossing up towards 20, ...
Oil hit the psychologically important 30.0 level and it isn't a surprise the down trend started stalling.
The question on everyone's mind is of course "have we bottomed out?". Personally I believe it doesn't really matter.
For most of the week, we traded within the triangle and only overshot to the upside on ...
So oil has been ranging all throughout the holiday period. The wider range is from around 35.80 to 37.80, but price has remained within around 36.65 to 37.80 most of the time.
Fundamentally, nothing much has changed imo:
- Production is still strong and with several producer countries suffering economically at ...
So the August low around 38 has been quite clearly broken, which is the main reason my overall bias is still short. In addition, we have the following fundamentals supporting shorts:
- Saudi Arabia's fighting a war for global power by trying to ruin competing shale oil companies. They know they need to be forceful ...
Hopped on the short train at around the daily open today, SL right above it.
Both my short and longer term DMI are now bearish and we broke through 44 today. Not only that, at the end of the day price merely retested 44 and didn't really shoot much above it.
Having said that, I wouldn't be totally surprised to ...
May's been nothing but ranging so far. Not difficult trading, but also not really exciting...buy around support levels, sell around resistance levels. H1/H4 DMI is really helpful in that regard.
I'm only taking longs as I'm still in some longer term longs from below 55. I'm out of all longs below 57.75. Got really ...
Sooooo, for the first time since March 19th, DMI has switched to bearish mode. It already got close on the 7th and 8th May but failed to break through. DMI+ is now just around 20 and slowping down and DMI- is sloping up and for the first time in a long time clearly above 20.
It will be interesting to see if DMI+ ...
Just a couple of key levels I'm going to keep an eye on.
Would love to see price drift lower until tomorrow and then a nice push from 59.75 to 62ish. Of course I don't have a crystal ball and the market doesn't give a rat's ass about what I want...so I'll play this according to trend strength.