Since the beginning of 2014 the price fits into an uptrend channel (red lines), in the same way, from May to late June, the price is on an upward channel, and the price converges in a zone where the price getsto an oversold position, moreover, the price has already pass through the previous resistance, and now support, so we wait until the price goes to meet the...
Hello all, A trader's journey is one of self discovery. Learning to identify and then appropriately trade 'setups' is really about finding what you are comfortable with. It took me many years of self discover to find what works for me as I am sure it has for you. To that end, I found one model that I really like and it is my privilege to bring it to your...
After break of key resistance at 105.00 I would not consider any fall-backs under that level as long as the Iraq crisis lasts. Two possible scenarios: 1. it will hold a neutral sideways market 2. it will break through 108/109/110 for more upwards movement
USO continues to form a rising wedge which will ultimately create a larger selloff. Until the larger pattern forms, price's range will tighten in the pattern which is now poised for a selloff. The combination of the spinning top candlestick and the stochastic rolling over will bring lower prices in the near term but not for long as the distance between the...
USO is rallying in a rising wedge that will eventually setup its selloff. In the short term it is reaching the highs of ~10 days ago and near a rising line of resistance as well as a horizontal line of price resistance. A little more rally may occur but it should be capped under these lines wherein a short term selloff will follow. The stochastic is setup for a...
I see a top setting up as a potential H&S top based on the trend lines, levels, seasonality and inter market analysis. I'm going to go long into the sell area at the top of the channel, then look to short it back down to the trend channel, then go long into the right shoulder for a short on Massive size for the break below.
I'm going to time the top of crude with the top in the Canadian $. It is very clear where the Canadian $ will retrace to so i'll use that level for reference then look for clues of a top in crude. I'm guessing 105 area as its a nice round number.
USO is now below the LSMA and a bearish crossover has occurred but I don't expect to see much of a selloff. Price is likely to dance around the support/resistance line of $37.55 giving the stochastic a chance to reset for prices to move higher. The rising wedge has a lot of room to run and prices will rise to the $38.75 area quickly once this consolidation has completed.
Sort of Symmetrical Triangle formation but more Ascending Triangle rather than Symmetrical can be seen on Crude Oil Daily chart. Anyway, I really like price movements within any kind of triangles until it gets really tight and hot, and when it gets broken it's another opportunity where we want to be placing our orders, right? My prediction is a short term...
By looking at the CCI and Stochastic RSI and combining them with cyclical up and down movements of the price, we might start to imagine the price falling back to about $100 a barrel. In order for this to happen, we would need to see a slight improvement in the geopolitical arena of Libya and Ukraine. Perhaps the market is building this oil tension into the price,...
After taking some time to lick my self inflicted day-trading wounds I have slowly brought my trading plan in fous and have resolved to get back on track. With recent loses in mind, I took a step back, re-wrote my trading plan and committed myself to the plan. I woke today with the thoughts of playing a rally out of the Euro close into weekly options expiry - I...
We have resistance at 105 and upward sloping support. This converging levels will pinch the price and we should expect a spike up or down in the upcoming day or so. I have a bias for taking a sell position due to supply news and geo political events. 1. Increased production with Russia has recently begun producing fuel from the arctic and made its first...
Today was not a good day for me day trading Crude Oil. I find it very helpful when i write up these publications as it helps me see where I made my mistakes and hopefully I correct poor behavior. So indulge me here as I walk you through how I ended up losing $330 on the day (sim). .Because of the holiday atmosphere (and roll issues relating to May contract...
I am convinced that this might be a potential signal to go short in Oil. It means, if 104.2 is really the real decision point, price should rotate down, where the first target zone might be around 97.6, which is a prior low and a potential second target zone might be around 92.0, which is a major support in the long term. Full analysis in my new blog post here:...
If you believe the weekly trend has turned higher on Crude then one way to play the higher time frame trade is with The BoT. Here we ought to be long currently from 100.83 with stops still at 97.34. Should we hit 104.33 we can then move our stop to just under our original entry. Lets see if the current bull rally can hit that level. Regardless, that bullish ab=cd...