This is an observation only chart, showing a monthly range that I'm looking at, and how I view the monthly/daily inflections/Signs of Strenfth on smaller timeframes.
Note: I am currently long, added on yesterday's close and I do believe that current prices are currently at good 'buy' level (59.61-59.77) for a long play of 400-800 ticks targeting 64.6-68.9; if you are interested in my typical trading/entry chart please let me know and I will publish.
Good trading all!
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Doesn't look like the left and mid panels are opening to the correct timeframe, this is the left/mid view I was attempting to show:
Please refer to this chart for more dynamic intraweek views:
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Sellers are continuing to get aborbed at the 2015 inflection zone; an early bullish signal in my opinion, If we see another daily close above 59.77, please refer to my 'Long Oil' chart for continued updated s3.amazonaws.com/tradingview/snapshots/f/ftveRNXT.png
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I just wanted to advise again that this is a macro view, please refer to this chart for all day to day trading updates:
Hi Smith, what do you mean by the "Sellers are continuing to get aborbed" what does absorbed mean? Does it mean that the sellers have closed out their positions?
smitheric1970
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@clingwrappingsheets, Yes, essentially it just means that buyers are taking over sellers. I do not look at a price zone being crossed as meaning that resistance has changed to support, but moreso that we have lost 'some' sellers; this is where volume analysis becomes important in determining how valid price moves may be. So far the volume up seems to be somewhat thin. So basically, sellers getting absorbed at the 59.61-59.77 level just means that where the majority of the market previously sold at that level, the majority of the market is changing over to buyers at that level. I would like to see heavier buying occurred at the 59.9 level 'validating' buying at the bottom of my daily range 59.87; perhaps it's an overcomplicated way of saying resistance turned to support.
Here is the same chart on showing a 4 hour view of the 2015 selling: You can see that not only did prices gap down from that inflection zone, but prices came back up and validated the selling. So where there was a lot of indecision, buyers were eventually absorbed by sellers at this zone. So... I think we are seeing a signal of the opposite now as we have crossed back above that zone:
@smitheric1970, 'I would like to see heavier buying occurred at the 59.9 level' - should have read "I would like to see heavier volume buying occur at the 59.9 level"
smitheric1970
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@clingwrappingsheets, If you look at the second chart above (on the right panel); where prices consolidated around the 57.32 level before continuing upward, sellers continued to get and eventually were completely absorbed by buyers at that price; which is why I viewed 57.32, the bottom of my monthly range as significant and in turn, am looking for a move up to the top of that monthly range.
smitheric1970
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@clingwrappingsheets, And here is a final example showing the 57.32 level on a continuous chart and where i will go to a lower timeframe to watch for volume:
@smitheric1970, on the lower timeframe I switched to the front month, February contract, as Tradingview does not show volume correctly on the continuous chart during rollover.
leolithuania
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I have found your buy zone which is where we are now. If we hit your first target do you have an idea now of how much of a pullback to expect before commencing the move to the second target or is it too early to determine this now before hitting your first target?
Thanks
smitheric1970
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@leolithuania, yep too early to assume a pullback level, it depends on price action on the way up, I try and determine strong price inflections based on price action and volume.