USOIL is tracing a daily uptrend, and broke above the recent downtrend's linear regression channel. If we hold the current uptrend pace, we can expect the top key level resistances to be hit in a day or two. I'd assume we'll stall while holding support above the monthly downtrend mode in blue, so, I'll be monitoring the uptrend progress to add to it if viable, and to time our exit. I think it's possible we get an OPEC production cut agreement, which could squeeze most shorts, who don't believe it is possible, and the overall bearish retail traders. Trump could play out as a wild card here as well, so it's worth it to keep some long exposure to energy, oil and gas in particular.
The world oversupply isn't a huge threat to this rally, specially not if we get an agreement to cut or freeze production. Iran is a concern but not a major one.
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Good move so far, I'm holding longs with stop at break even. I bought as per this chart:
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Added on the dip to 47.25 give or take. (price depends on your trading platform and instrument of choice, but it was close to the previous daily bar's low)
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I sold my additional long 2 days ago. Looking to add back to it:
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Check out how support at the previous FOMC key level and a OPEC level at 45.30 held.
@jangseohee, hi. Possibly, something like that. Rather easy to buy drops in it so far.
btM_Afta
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No quiero decir, un "te lo dije" ... pero se veia venir amigo...
IvanLabrie
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@Dguaman, nunca falta tu te lo dije eh?
Veremos que pasa la semana proxima, cantar victoria antes de la reunion de OPEC es mala idea.
Mi trade desde 45 y moneda tiene stop en el precio de entrada, asi que 0 drama.
IvanLabrie
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@IvanLabrie, otra cosa, mejor publica un post cuando tengas una idea como en este caso. Si no, no tiene mucho sentido. Es bastante facil dejar comentarios despues que pasan las cosas, pero no tan facil tener 'skin in the game'. Yo estoy en el trade, asi que me la jugue.
Translation: I don't like negative comments in hindsight, I'd suggest people who disagree, to post their own chart and justify their view instead of just leaving negative remarks here. Then we can see if their trade idea worked or not.
btM_Afta
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@IvanLabrie, yo te dije mi posicion, quiero comprar bajo.. quizas 35 es mucho.
Pero te dije CLARAMENTE veremos retroceso a 46 y dijiste que dudabas que caeria y paso.
Las dos veces que te he escrito, ha pasado lo que dije... soy algo flojo para poner charts y eso ... pero siempre reviso y doy mi opionion a los que sigo.
Porque cuando yo hago un setup, siempre espero que alguien me diga esto esta mal, o mira este SL o TP etc... asi voy aprendiendo y corrijo errores.
IvanLabrie
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@Dguaman, es dificil decirte, 'esto esta mal', es mejor enfocarse en desarrollar tus 'beliefs' y operar en consecuencia.
Te recomendaria los libros de Dr. Van Tharp acerca de esto mismo. Al menos yo no mezclo multiples enfoques, porque en mi experiencia es contra producente, pero, si miro que ponen los demas, y consulto el sentiment, etc.
Cornhub
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but...theres a gap needs to be filled....
IvanLabrie
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@Cornhub, Gaps don't 'need' to be filled, they are just a moment when there were no orders and the market skipped over them, or some event happened during pre or after market. There's no logic in expecting them to ALWAYS be filled. That's esoteric.