Shorting Oil Part 4
USOIL This time I've stripped out all lagging indicators (moving averages, MacD & RSI). When trading any chart always remember candlestick patterns and algo-driven support/resistance levels should be your guiding light in setting your personal price targets /stop losses upon entering a trade. In short, price action. The mentioned indicators above are a result of past price action and do not reliably predict future action. The price action is the horse leading you to where you want to go and the indicators are simply the carriage being driven around behind it.
Quick update: I am still short oil from the 83s. Oil is potentially breaking down from its steep upward sloping trendline (white line) as the USD gets a bid. If you populate the 20DMA, you'll notice that is where oil is currently sitting and could potentially serve as a bounce level. Nothing goes up or down in a straight line and there should be some chop but my ultimate price target to close out this short will be 73.00-73.25
Happy Trading and see you next time.
Part 3:
Note
I meant to strip out the MacD & RSI but they still show on the screen for some reason. Oh well!Trade active
DXY (USD) illustration. Getting a short-term bid at the neckline of the head and shoulders. A strong USD normally = weaker USOil and bodes well for shorting it.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.