Hello Everyone, Oil has broken out of its uptrend but the imbalance of this corrective wave means prices will still be very volatile. Primarily I would like to see a correction which I am anticipating to be deep due to volatility but if we do get it, price may go for another bullish impulse. Trade with care. Please do share your ideas in the comments. Watch this pair closely for the next impulse, trade with a plan, stick to your plan and you will stay in profit blue! Show some support :)
Couldn't agree more, I feel it's on a knife-edge. I have several long positions, some which are in profit but haven't closed them out as think it will go higher. Do you think I should close out and wait to buy again if it corrects?
DAVID_GIRALDO
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@CyrusTrafford, At the end of the day you must stick to your plan, If you have none then create one but , yes, I would deffinetly wait for a correction. price broke out of the bull trend only to still make a spike up so it is most deffinetly on a knife edge. very high volatility but regardless do price, nor patterns lie, so just wait for the pattern for confirmation! Thank you for sharing :)
CyrusTrafford
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@DAVID_GIRALDO, Yep it broke out very sharply out of a Bear Trend, I think there are a few key supports that I need to see how it reacts to, whether to determine to close out my long positions or not. Thanks for your analysis!
DAVID_GIRALDO
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@CyrusTrafford, Thar last candle was what I meant by "volatile". I hope you did listen and got out in profit rather than let market take your pips earned...
CyrusTrafford
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@DAVID_GIRALDO, I got out of one of my positions but not all unfortunately :(
DAVID_GIRALDO
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@CyrusTrafford, When in profit, you always want to have a strategy that will secure you with risk free trades.
CyrusTrafford
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@DAVID_GIRALDO, Personally speaking, I think the statement from the Opec Compliance meeting which will be released tomorrow I believe and the U.S refinery results tomorrow will drive the direction of the price in the short-term which is why I was a hesitant in terms of closing out my long positions. I think in general the fundamentals are quite strong and feel it's oversold. But at the same-time news like what Germany announced today doesn't help, hence why we have been seeing this ranging between $45-55 for a while.