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We took out some higher highs but failed so far to take out lower lows.
IF we get higher than 1.7020 I will be long for the top of the range, stop below the recent swing low.
Otherwise I will wait for a higher time frame to be overbought / oversold
Not so long ago I heard big investors saying that they would buy Oil significantly below 80 and sell significantly above 80.
I also read that anything below $28 and that the financing for oil projects became too expensive and oil producing nations would not be able to maintain any production.
My plan now would be to wait and see if 56.50 held, then buy a pull back...
J61! looked bearish as bearish can be, though they had come out of a larger up trend, so I can only presume that they are correcting and looking for more buyers. "Bulls take the stairs, Bears use an elevator".
The fib says that the Yen has interest here at the 61.8
If you look left we've come down to an area of balance and based on the presumption that we are...
Oil Down - USDCAD Up, that's the correlation.
If we get 2 closes above the channel , I am looking for Longs. Until then I have to anticipate the lower area of the channel has to be tested at some point.
I didn't take the short, I have a feeling that this is due to go sideways.
However, I was interested to note that the channel held, a fib level held, a market structure held.
So yes, I am an idiot for not taking a Short.