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Have made solid trades this week on crude with crude scalps. Momentum in ST favors bears even with favorable api. However, Bovies are not out of the game if 60.10 and 59.95 hold strong. Bearish cypher and drop in play at the moment, but 3 attempts to take out bulls has failed. If history is to be applied here, it looks like line in the sand has been drawn and itll take everything and the kitchen sink to tank oil. Sitting cash in regards to crude and not playing report, didnt want to give up double digits gains this week on a report day. The signs still point to LT bullish crude to $73 +-$2.00. Blue and orange trendlines are critical and not really worried about resistance till $64/$66, primarily $66.
I will be watching crude very closely.
Takeaways:
Bears have tested multiple times in the last few weeks to drive crude past its breaking point and not been successful.
Nearly perfect H&S did not materialize.
Bulls have backs against the wall, but favorable API and more importantly EIA can likely change momentum for a swing or scalp depending on your strategy.
Trade with stops but understand the volatility that crude has shown in last 3-4 sessions recommend 3% at the moment.
Averaging down in this cycle is not advised to fast and t0o large of swings.
Double bottom today confirmed support in low $60's.
Ill be back tomorrow. GLTA!
The Rancher
PS my charts are busy as hell and I apologize, but its how my brain works. If enough follow me I can start posting multiple charts of the same chart to show individual TA opinions and points of interest.
I will be watching crude very closely.
Takeaways:
Bears have tested multiple times in the last few weeks to drive crude past its breaking point and not been successful.
Nearly perfect H&S did not materialize.
Bulls have backs against the wall, but favorable API and more importantly EIA can likely change momentum for a swing or scalp depending on your strategy.
Trade with stops but understand the volatility that crude has shown in last 3-4 sessions recommend 3% at the moment.
Averaging down in this cycle is not advised to fast and t0o large of swings.
Double bottom today confirmed support in low $60's.
Ill be back tomorrow. GLTA!
The Rancher
PS my charts are busy as hell and I apologize, but its how my brain works. If enough follow me I can start posting multiple charts of the same chart to show individual TA opinions and points of interest.
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If you wish to make an AH trade look at 3/7/2018.
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Green dots were entry/exit with UWT and/or DWT
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When in a wedge, and pattern is holding lean on the MACD and RSI a little more than usual imho as well.
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Took a position on the morning drop, saw double bottom on 5min Chart, bought UWT and sold for 2% intraday. On sidelines for remainder of the day with oil but I believe its the bears position to lose.