Short term - I will look for prices to test the midpoint of this range at 62.25 and this will be my first target.
TP1: 62.25 (Additional targets updated on daily basis but note that each line up on the chart is a TP as I initially enter with multiple positions)
Here is a view of the Monthly range from 59.73-68.94 that I am looking for a repeat of:
Please let me know if you have any questions, good trading all!
Good trading all
Please NOTE: I've moved the closest Pullback Buy up to 63.74 rather than the quarter mark. No other changes to the plan.
Good trading all!
NOTE: If you Re-added Long Positions don't forget to set sells for Partial profit again at 64.61
It has been a fabulous week trading and I have made an important modification to my supply level = My initial SELLING ZONE was 65.78-67.00; part of this is because we have a daily inflection at 65.99 from 2014; however the 4 Hour view shows a strong swing low at 64.62 (current range top) and a strong Demand/Supply Exchange at 67.00. As my long game is to continue running a long model up to 69/70; I've decided that even if 65.8 pulls back, I will just continue with the Pullback Buys and Partial Long Profit taking.
THE NEW SELL/SHORT ZONE is: 66.69-67.00 - If price reaches 66.69 I will have closed out all Long positions and will begin a Short Model intending on switching back to a Long Model again at 64.92.
Below I will show the updated Target chart and the 2014 4 Hour view showing my reason for change in Short Level.
Have a great week all and as usual, I'd appreciate any questions, comments or criticism.
Have a great weekend all!
Good trading week to all!
Please let me know if you have any questions. If futures front month rolling into back month is new to you, Investopedia is a great resource: https://www.investopedia.com/terms/b/backmonthcontract.asp
Good trading all!
Looking left we see the 2014 crash; where prices showed indecision by creating a daily doji prior to further breakdown. I believe this level is the median of the overall range that we will see in the mid term; and so I believe all of the high volume sideways price action was large money hedging in both directions, roughly, down to 58 and up to 68, +/- 1.00; The chart below shows the 2014 doji, and breakdown bar level and the current March contract that prices have rolled into for the coming week. So far, although Thursday and Friday felt heavy, prices seemed to have battled to stay above this breakdown level. I have decided to increase risk a bit and Re-Add a long position when the market opens tomorrow; between 63.43-63.73; this increases risk as prices may still drop down to 62.25 but I believe this will be short lived if it happens and have the extra capital from the overall trade to help with increasing our risk.
Here is the updated Trading Chart; showing the 'Re-Add Long'
I hope that you all are having a wonderful weekend and a great trading week ahead!
The chart below shows what I believe is our median and 2018 Mid-Term range relative to 2014 price action:
Added Long position at 63.43; Next Partial Profit Level at 65.78; I am still assuming a temporary switch to short model at 66.69; if that happens I would plan on resuming the long model near 65.82.
Although the past week has required patience; prices are continuing to hold the historic 63-63.67 zone; again, I my current view will not change unless we see a 'Daily Close' below 63.00.
Good trading all!
Fingers crossed that crude has a little catching up to do, inversely, against this USD move.