oil, cl, day trading for Dec 3rdOil looks to be continuing its down move and is already below the red zone, so will be looking for spots to grab it short as long as we remain below the red zone.
CL
oil, cl, day trading for Dec 2ndAfter a big down move on Friday we got some retrace back up, but is comes with no consensus so will still be watching for teh traders commitment to direction, I am looking at things with I guess 2 over / under lines one at 57.07 and the other at 54.85 and as normal the opening red break zone. How e act at all these levels will be the information i will need to make a day trade decision.
cl, oil, daytrading for Nov 27thoil is testing the high of a few days back, and if we break over those highs a balancing top for today would be 59.5. so a big move. This being a limited action week I do not see this as highly probable, but anything can happen.
A break lower I expect to be a slower choppy trade filling in action through out the prior move.
cl, oil, daytrading for Nov 26thoil is inside a multi day range and is testing higher, and if we get a higher break the 59 area is a possible test area for today. Any move lower has many layers of support and each one will need observation to see how the market response.
cl, oil, day trading for Nov 25thWe are so far in a inside day in range and showing signs of a small movement for the day. I will try and catch inside reversing trades and reduce size on opposite red zone but hold on to see if there is a break out of the red zone for an extended move.
oil, cl, daytrading for Nov 22ndThe oil moves are very bullish and i will be looking for a pull back to 58.40 area for a triggered long. Or a break above 58.75 and then a support retest.
Analysis of the Current Situation on US OIL by ThinkingAntsOkUse this asa a guide to develop your view on the chart
Main items we can see on the Daily timeframe:
a)Price is on an ascending channel against a relevan resistance zone
b)Now is a key moment to see if the price is able to go higher or if it fails on the attempt.
c)IF the price fails and the ascending channel is broken below 55.56 we will expect a continuation of the bearish movement towards Target 1 at 51.00
d)IF that level is broken, we will expect a continuation of the bearish movement towards Target 2 at 43.00. We think the price will make a correction on that area before the new bearish movement happens.
Weekly Chart:
CL Trade SetupCL is making a serious attempt to break out of the composite of last few sessions, so we go to give it the benefit of doubt :)
57.40-50 remains the trend decider for today.
1. test and hold of that for a long side play to test 57.90 and 58.10
2. Hold below to get back into the range of 57.20
oil, cl, day trading for Nov 14thOil remains bullish but is reaching some resistance and the up move will either explode or stall.
will look long if top red zone becomes support. and short below red zone showing a few support areas that could keep the bull alive.
remember oil inventory report today at 11:00 est so play safe.
oil, cl, day trading for Nov 13thoil has moved to the bottom of its bigger range and we get to see if that is support or further weakness steps in. The test off the bottom of the red zone or a break above red top both could be good trades back to the 57.5 area and we will still be in the consolidation.
As of this typing a bigger up move is happening and will give a clue as to further strength or exhaustion, will watch close for clues.
Analysis of the Current Structure on USOIL by ThinkingAntsOkUse this as a guide to develop your setup.
Main items we can see on the 1H chart:
a)Price Couldnt Broke the primary ascending Structure, and it failed several times on the past (Weakness of the Bullish Movement)
b)On MACD we can see a Bearish Divergence (Weakness of the Bullish Movement)
c)Now we will wait for a Re-Test of the White trendline, and after that, we expect a bearish movement towards the next Minor Support Zone
d)Only look for short trades if the Re test happens
e)Our conclusion on this structure is that the price will break it down, starting a new bearish movement of a Higher Degree
oil, cl, trading for Nov 11thoil action is short but in range and balanced inside a larger consolidation. We have a small and large red zone, one for the big consolidation and then one for the last hours of action. bit one is 57.60 to 55.75,
I will be looking for trades to remain inside the big range and will use that as targets and or entry points till we move out of the range.
USDCAD: NFP price action determines key levelsEveryone involved in FX trading has their eyes peeled on price charts and fundamental data that comes out every first Friday of each month, when Non-Farm Payrolls data is made public for the month before. This creates volatility during the day, and also a very significant price level where the market reacts, either being attracted to or rejected from the level.
I've plotted these key levels on chart, with a vertical line showing the date of the NFP report. You can clearly see that when the market deviates far enough from the last key level, it will be drawn back to it over time...and that when retesting a level after moving away from it for a while, it will react when hitting it most of the time, helping us map how far and in which direction prices can move.
Right now the last short term signal in $USDCAD failed, hitting my stop loss at break even after buying the breakout at 1.31634, and briefly seeing some profit following the NFP data. The dollar is acting weak accross the board which is an anomaly, and oil regaining strength. We should focus on currencies to determine if we need to hedge our dollar exposure in the equities portfolio, since although earnings in foreign currencies would increase if the dollar devaluates it could hurt stocks' performance even during a rally.
Cheers,
Ivan Labrie.
oil, cl, day trading for Nov 8ththe short term trend is short but the bottom of the red zone will either stop that trend or confirm today's direction so that is where my focus is
oil, cl, day trading for Nov 7thNice bounce in oil keeping it inside a big range, creating what i think will be a very sideways day.
A break below red zone low should see a move to 56.65 that is about the only edge I have today in oil.
oil, cl, day trading for Nov 6thThe current move is a bit short but balanced, so thinking we will open test top of balance or a bit higher and then move down to test the red zone bottom. I maybe waiting it all out until post 10:30 report and see what side gets the driver.
oil, cl, trading for Nov 5thafter close oil has remained in a balance consolidation and now looking at the Red zone to be very important to the next move for oil.
Will look for a range bound trade inside the red zone and only lean the direction of the break out after it happens.
oil, cl, trading for Nov 4thbig moves up and now maybe getting into resistance areas so will be watch close for how the market reacts in these upper levels, so will be looking at what happens when this red zone breaks
