Don't get too excited for oil to jump. Price still trading in the price channel. Need more confirmation. I do like that volume is picking up so definitely lot of volatility. Remember, there are always day trades in both directions. They could be played based on where price opens and picks its daily direction.
Its ok if you are scratching your head because charts like these are suppose to make you think the one that is doing the technical analysis knows their sh**. You really don't need all that what's on the chart but people like to see stuff being twisted around so that they can get impressed. Enjoy.
Looking at bearish pattern in downtrend. It just did a throwback as expected to downside. Target around 11.24-11.68 range. Keep an eye on earnings. Setup is giving minimal risk and high reward setup as of now. Watch more action on my FB wall at https://facebook.com/trend.trader.3
This is a counter trend day trade but its giving decent risk/reward and can continue to trend below to test 0.66800 area.However short term trend is up so look for possible reversal around here to long side. Beauty of day trading is one can trade in any direction but just needs to find out the best setups. The only ...