Just like when George Bush made this declaration, I think it's a little premature. The fat lady has yet to sing and Señor Bush is an a-hole.
After oil gapped up on the weekly open, it's been contained in a tight range. If there was selling, there would have been more follow-through. I also would have expected a stronger test of the highs in an attempt to get more buyers in to sell to. NFP is almost upon us and on Good Friday to boot. This can be a tricky combo for next week's open with US markets being closed. It can always drop from this consolidation channel to fill the gap but I'm still favoring another move higher. I have started to scale out of a few of my short positions from the opening gap since the selling effort hasn't produced the results I was looking for. I can, of course, be completely wrong, but then again, I'm not waging war. At least not yet. 😉😉 When I start, it will be an all-out campaign of mass destruction. Figuratively speaking, of course.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.
After oil gapped up on the weekly open, it's been contained in a tight range. If there was selling, there would have been more follow-through. I also would have expected a stronger test of the highs in an attempt to get more buyers in to sell to. NFP is almost upon us and on Good Friday to boot. This can be a tricky combo for next week's open with US markets being closed. It can always drop from this consolidation channel to fill the gap but I'm still favoring another move higher. I have started to scale out of a few of my short positions from the opening gap since the selling effort hasn't produced the results I was looking for. I can, of course, be completely wrong, but then again, I'm not waging war. At least not yet. 😉😉 When I start, it will be an all-out campaign of mass destruction. Figuratively speaking, of course.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.