Uptrend still intact, the weekly chart says, though the daily chart is showing some signs of weakness. That said, what I wanted to see last week in order to turn full bearish didnt materialise. On that note, I see these........
Bulls might buy the June1 and June2 tails. Watch out for a possible DB w/ May 23rd Low of 47.40 (Red Circle)
Two ways to trade: Buy stop above June2 High And Buy on Limits, the tails of June1 and June2
Ideal stoploss for long = few points below May 23rd Low of 47.40
For Target, I wouldnt put a limit, but 2015 October 09 High of 50.89 still a magnet. Will study Price Action when there.
In my much improved price charts reading, which I dubbed NEO-PA, ;) I would do less talking and less publications of different charts. I intend to do more updates to same charts, and also do live calls in @nmike's chatroom- tradingview.com/chat/
It is important for me to underscore here that, I do not inculcate News/Fundamental reasonings into my technical analysis, as I am not good at that exercise. I also do not use any other indicator, apart from 20EMA(which I can do w/o, anyway ;) ) My analysis and calls are purely based on price action bar by bar analysis, based off the outcome of my obsession and immersion into charts over 8years of trading.
I definitely cannot exhaust the list of people I have picked one or two great ideas from. Thanks to everyone that taught me a thing or two
Im currently doing trading, full time for a living. And would like you to share in my private funds managment. If you have capital of not less than $50 000USD. You can send me a mail to moorekapital@gmail.com or PM me for a discussion today!
Updating.......
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USOIL: "Two ways to trade: Buy stop above June2 High And Buy on Limits, the tails of June1 and June2 "
It's important to note that this statement is based off DAILY CHART only! Nothing else matters(to me)
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No matter how oil closes todai, We potentially have seen either the top, or the start of Pullback. = If you held long = bank the cash, and stand aside for now. If tis a PB, we'll know, and we can rejoin in the long , should that happen. s3.amazonaws.com/tradingview/snapshots/l/lySijO5V.png
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By Implication, trading off daily charts here, I wont short yet. Sell Mode also Not Activated for me, Buying now is also not yet, as per my ideas. IMHO. With due respect to all other ideas.
USOIL_Daily: MA Gap by close of day...? We'll see. If the last push up doesnt start, then this think cud fall further. Already, there's sufficient evidence of selling. s3.amazonaws.com/tradingview/snapshots/y/Ynx3Y41D.png
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I'm doing a sellstop: It doesnt mean Im already in. If mkt indeed would go down, I wanna be swept into the trade. If MA gap expected on daily happens = I switch to long. s3.amazonaws.com/tradingview/snapshots/5/5GxmhNuG.png
Im a bit concerned bout the buying pressure seen hereUSOIL_60: Very tight bull channel, And that have me thinking that every slight PB wud be bought. PBs, possibly, but if it leads to a trend reversal downside= I'll join on the evidence of enough selling pressure s3.amazonaws.com/tradingview/snapshots/r/rJWYG9mB.png
stop is kept too wide, cos we cud retrace down to possible buyzone, which is fine still. On the other hand, should we take off from here = I'll maage trade by updating stop s3.amazonaws.com/tradingview/snapshots/v/vnvoQgBe.png
USOIL: It's important that I state here that, I do not see a potential turn down yet. This cud be a minor pause, or PB, and if we must go up, then we must break this terminal resistance w/ some force. And that....I do not wanna miss. I'm sitting on a profit cushion, and would re-enter at my signal, according to my NEO-PA idea
Maybe not a DT yet... Still has to close the day below 50.18
moorekapital
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Its all probabilities, my brother. Let's see what smart money does. And so, for the sake of the fact that it cud go beyond, I'm not TP-ing here ;)
captain_smollett
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Hehe! Good luck, eventually we get what we want!
moorekapital
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sorry....???
captain_smollett
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I meant good luck with your trade and hopefully you get the monies you expected to get from that trade
moorekapital
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Thanks, bro. Are you already out...??
captain_smollett
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Nah, I haven´t longed it. Should have done that yesterday on Yellen´s.... But 50.89 definitely looks like a level to beat
moorekapital
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I get that. Yea. Probably ;) Im actually risk free now. I prefer to be taken out by market. Otherwise , I limit myself. A potential DT, yes. But I've seen many DT splashed through, and rendered useless ^_^
captain_smollett
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According to my wave count, we may have hit the top of W3 at 50.32. So, your long can be good as W4 is not used to be very long. W5 can easily get that thing to 50.89 and above