Lumber: Potential top spotted
Updated
Lumber futures appear to have topped against a massive monthly mode.
You can go short with stops above the highs to be safe, target a retest of the uptrend mode from the lows.
I overlaid EURUSD and USOIL so you can compare the price action. It's clear we're witneseeing a major dollar rally here. I wouldn't discard its significance. If you're not in any of my recent suggested trades, try to catch this and USDCAD, even buying at market now is viable with stops under yesterday's low. See related ideas for an entry we can take in oil.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
You can go short with stops above the highs to be safe, target a retest of the uptrend mode from the lows.
I overlaid EURUSD and USOIL so you can compare the price action. It's clear we're witneseeing a major dollar rally here. I wouldn't discard its significance. If you're not in any of my recent suggested trades, try to catch this and USDCAD, even buying at market now is viable with stops under yesterday's low. See related ideas for an entry we can take in oil.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Note
Good progress.Note
I believe this is how oil would look if it weren't for manipulation...Note
Almost 1R, looks perfect, hope you managed to catch this in the appropriate contract.Note
More than 1R profit reached.Note
Resuming the move down it seems.Note
You can add here at market with stops at 302.2 (basically, yesterday's high).
Risk half.
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