I can still see oil dropping waaaaay down if we keep producing more than we are using and the world economy continues to slow. On this time frame I am watching momentum shift and if not for the oil news this morning we would probably have seen some upward movement.
I will trade a break of the string break of the 4 hr (blue) TL using my breakout rules (link to chart below).
Also look very strongly at the 1.27 extension ready to take a long position there if I get bullish signals.
Ultimately unless something changes the landscape I will long in the lower support zone with an eye to at least the green daily trend line.
Educate yourself, create a trade plan, validate your trades with other trader's ideas. Own your trade good or bad.
Don't be a sheeple to those that give ambiguous directions.
I will trade a break of the string break of the 4 hr (blue) TL using my breakout rules (link to chart below).
Also look very strongly at the 1.27 extension ready to take a long position there if I get bullish signals.
Ultimately unless something changes the landscape I will long in the lower support zone with an eye to at least the green daily trend line.
Educate yourself, create a trade plan, validate your trades with other trader's ideas. Own your trade good or bad.
Don't be a sheeple to those that give ambiguous directions.
Note
On the HTF the downward move would be akin to catching a falling knife right now. I will not take the long trade as planned unless I have a break of the 4 hour trend line.Note
Sorry wrong chartNote
The price turned exactly on the top of the support zone ( a little bit above the entry I originally had.) So lets see if next week we get a break with a shallow correction allowing us an entry or more down.Happy trading and have a great weekend..
Note
We are seeing some divergence on the 4 hour but oil still has downward momentum. I have placed a trade so the entry will be when price comes out of the PRZ. If price continues through the zone I will take the trade off and look for another longing opportunity.Trade closed: stop reached
Note
My stop might have been too tight. This may be the correction I was looking for. This is the first strong impulsive move in oil for a bit. Look for a shallow pull back and a long on the break of that pull back should head towards the blue trend line in the chart below. If a steep pull back wait for bullish signals before entering.Oil is twitchy right now so I would suggest a move of the SL to break even fairly quickly.
Note
The move up has yet to give us a crossover so it is still the 1st wave on the 1 hr TF. I am expecting a pull back and a 3rd wave up to the TL and shorting area.Note
Look for shorting signals from a bounce here.Note
A strong break of the 1 hr trend line followed by a small correction on the LTF could be a good place to short oil for the near term.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.