For my short call and analysis on Oil see my previous post by means of the link below: Price broke below an important zone and I'll be looking for pullbacks by means of consolidations to sell Oil once again. In the meantime I keep my short position open.
I still favor a move lower. If it moves higher and breaks above 49 I have to adjust but until that happens I favor another leg lower. Even if we move above 49 I don't think the long term bottom for oil is in place. But we will see, for now I focus on a potential reversal.
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We saw the bearish acceleration in the S&P 500 along with dollar strength and a bearish reversal in Oil and Gold once again yesterday. Everything moves therefore according to plan. Structure is leading for me when it comes to trading but understanding the overall market dynamic is THE way to increase your success ratio and THE way to add context to the charts. Because data represents something although it might not always be obvious. Once you understand that, interpreting fundamentals makes sense as well. I rather have three aces at hand than only 1. That's why there is no one best way for me, it is the combination that tells you what's most likely going on. Have a great weekend all!
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Chartist4312
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waiting for that blue C wave as well hehe:p
TimStuyts
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Thanks for sharing. For now I remain bearish as explained. Safe trades!
TomPower
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You better listen to the boss here because you may end up wearing your head on a platter
Chartist4312
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It does seem like you've misunderstood the meaning of Tradingview. There is no "boss" on Tradingview, and this is no place for stupid comments like this.
If you believe something specific about a price, Tradingview allows you to share your opinion and get other fellow traders opinion. If you do not have an valid argument regarding the price, the obvious thing would be to remain silent, or show someone your gratitude. Thanks!
andreas1
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RationalTrader, Hi , May be can you write same comment ( in fact i agree with you) in a better way? sometimes people gives comments and for them seems like a joke according with his culture, country and costumes... this is a world web site and is wonderful we are sharing opinions together, please take this on mind... we are different persons with different cultures ... i saw many times comments of people that after they received comments like you they explained that there is not they intention to attack or laugh to anybody just they want to be a little funny... hope you understand my comment. Have a wonderful day-night !
Chartist4312
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Well..that was the "kind" version, following the House rules. But joke or no joke, culture or not culture, we are all human beings understanding common behavior. Make a joke - but not about others, especially not those in front of you. I think we all agree. -And I am a Norwegian:)
tbuckle
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sorry, just a tad confused. So from your chart we go down from here or up to 46.65 and then down?
TimStuyts
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Sorry I should have made a note about that. We see three waves higher from last weeks low, this might be it but I prefer to see a more pronounced consolidation so we might very well see another leg higher before we move lower again. Short term the price of oil looks a bit messy with several corrective structures. Bigger picture however I remain bearish for that triangle wave B lower. So I either want to see an acceleration lower or another corrective pattern up before considering another sell trade. I will update once one of those two scenario's will happen.
tbuckle
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So where do you see oil going today, this week, etc. ?
waiting for that blue C wave as well hehe:p