RSI and MACD indicate running out of steam. lower resistance is week. I expect it to trade sideways until the lower blue line. unsure after that, but expect it to continue up.
1H has started a new Downward range (in red), this is a continuation of a previous trade (linked)
I will monitor on the way down, and tighten stop loss on a change in the signals Currently 5% shorted from 48.46
Maintaining short from 43.60, 5% SL
ADX is rising, favouring moving averages
MACD is negative and continuing to fall (will keep and eye out for positive...
Oil may be in an expanding triangle, indicating further gains if it breaks out at E. I'm short generally, but am watching this trend line to see if it holds.
trying again: NOTE THAT I AM ONLY PAPER TRADING!
The rally seems to be out of steam, and there is a lot of negative news about the lack of any substantive change in fundamentals.
The hourly price has broken out of the rising wedge shown.
There is bearish diverance on the MACD, Stoichiometric and RSI.
Short at 48.46. this will be a longer hold, targeting the mid...
NOTE THAT I AM PAPER TRADING FOR EXPERIENCE
Third times a charm after 2 losses.
I think it is in an upward wedge that had surprised me by continuing to go up.
I see a short term short right now as it bounces off the upper bound of the wedge, and turns down from RSI of 80.
Longer term I see a bigger opportunity if it breaks through the lower bound of the wedge,...
NOTE THAT I AM ONLY PAPER TRADING FOR EXPERIENCE
Shorting 1hr USOIL based on:
- ADX low and rising, suggesting a transition to a trend(?)
- MACD showing increasing bearish divergence
- RSI has made a number of lower highs (after consistently topping out over 70)
- Price has broken lower line of rising wedge which may now act as resistance, and is now...
NOTE THAT I"M JUST PAPER TRADING AND USING THIS AS A LOG TO BUILD MY SKILLS!
Short case:
- Rising Wedge on 1 hr chart (Green Lines) I am unclear whether this is a reversal or retracement, currently assuming its a short term retracement. Volume has not been clearly dropping to support this. Lower trendline has just been broken. Red line shows peaks of last...
