Crude Oil Brent: UKOIL Looking to close out on test of 63.80
Updated
UKOIL: Crude Oil Brent Update
In the last comment stops were raised to just under 60 as we continue to run this long-pull swing trade to its conclusion,
which may happen on Tuesday coming. The low yesterday was 60.01, so it came within 6 pips of stopping out before rallying once
more. A damn close run thing, as Wellington said of the battle of Waterloo.
Still looking to close out on the fourth strike of the upper parallel that's controlling this entire up-wave, around 63-80 to
64.20 range, if struck. If not will probably close out just before the Opec meeting on Tuesday coming.
Long-time readers may remember we ran with the last Spring rally earlier this year right up to the morning of the Opec
meeting on 24th May, selling right off the highs at 54 and then buying back at 44 and then again at 46 for the current rally.
Selling on the news, well just before it, may well prove to be right thing to do again. Ideally, Brent will hit the upper
parallel around 64 and that will be time to exit with 1800 pips of profit (with 30 pips of original risk) on a 4 month trade.
(Try making those profits on Nasdaq, cowboy) Otherwise will likely sell before Opec (on Monday night).
Of all the 100,000's of financial instruments out there from Bitcoin and other less reliable fiat currencies through to bonds
and stocks no instrument trends like Big Oil. Nothing is so wave-like, trend-like, or, usually, so helpful to traders.
If anyone knows a better complex to trade than Big Oil, from a technical perspective, please message.
The stop has to stay under 60 for now.
In the last comment stops were raised to just under 60 as we continue to run this long-pull swing trade to its conclusion,
which may happen on Tuesday coming. The low yesterday was 60.01, so it came within 6 pips of stopping out before rallying once
more. A damn close run thing, as Wellington said of the battle of Waterloo.
Still looking to close out on the fourth strike of the upper parallel that's controlling this entire up-wave, around 63-80 to
64.20 range, if struck. If not will probably close out just before the Opec meeting on Tuesday coming.
Long-time readers may remember we ran with the last Spring rally earlier this year right up to the morning of the Opec
meeting on 24th May, selling right off the highs at 54 and then buying back at 44 and then again at 46 for the current rally.
Selling on the news, well just before it, may well prove to be right thing to do again. Ideally, Brent will hit the upper
parallel around 64 and that will be time to exit with 1800 pips of profit (with 30 pips of original risk) on a 4 month trade.
(Try making those profits on Nasdaq, cowboy) Otherwise will likely sell before Opec (on Monday night).
Of all the 100,000's of financial instruments out there from Bitcoin and other less reliable fiat currencies through to bonds
and stocks no instrument trends like Big Oil. Nothing is so wave-like, trend-like, or, usually, so helpful to traders.
If anyone knows a better complex to trade than Big Oil, from a technical perspective, please message.
The stop has to stay under 60 for now.
Note
Postscript - to be fair 'nothing trends like long term rates' NOTHING. But after that, Big Oil tops the list. Just the trends last a few weeks or months, not 30 years as with interest rates!
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