Oil: A MATTER OF CONTEXT
By now, I believe that 99% of the market are already convinced that 26 is the low. Whilst it seems very strong on the daily and weekly chart, the monthly chart will show you an entirely different story! Taken out of context one could easily be mistaken that this daily rally will bring you to the heavens. looking at the 2 circles on the chart, should keep your expectations in check.
There is no other information on a chart other than price and time, so stop complaining about moving averages as lagging indicators. It is due to the lagging nature of indicators that one can estimate when is the best possible time for prices to rally.
For the current moment, I do not care how much or how long price will rally. My approach will be with the consideration that price will definitely visit the cross point again at least once! It is during such grinding sideways that people often loose back their profits from the first rally and get blinded by it to miss the 2nd actual rally that will happen at a later date.
Cheers and happy trading.
There is no other information on a chart other than price and time, so stop complaining about moving averages as lagging indicators. It is due to the lagging nature of indicators that one can estimate when is the best possible time for prices to rally.
For the current moment, I do not care how much or how long price will rally. My approach will be with the consideration that price will definitely visit the cross point again at least once! It is during such grinding sideways that people often loose back their profits from the first rally and get blinded by it to miss the 2nd actual rally that will happen at a later date.
Cheers and happy trading.
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.