Oil: Early entry into potential weekly trade
Updated
The oil chart has had bearish overtones for a while now, and despite feeble attempts by the bulls to drive price above the highest volume node at 46.24, it seems like bears are winning in this juncture.
I'd place a couple of entries here, looking to capture the downside move.
It's possible, once the 2nd order is triggered, that we get a 55% chance of hitting 22.03 in the coming months. Time expiration for the decline would be by March 21st, 2016, but it can reach this abysmal target sooner than that as well, as long as it trends down below the blue line on chart.
For more information and insights into managing this position, scaling in, and understanding the logic behind the technical setups contact me via pm. I'm currently hosting a skype group, where I share trade setups and also provide traders with training, as well as 2 private webinars per week, and also giving tutoring via skype calls, on a one on one basis.
Good luck if you take this trade.
Cheers,
Ivan Labrie
Time at Mode FX
I'd place a couple of entries here, looking to capture the downside move.
It's possible, once the 2nd order is triggered, that we get a 55% chance of hitting 22.03 in the coming months. Time expiration for the decline would be by March 21st, 2016, but it can reach this abysmal target sooner than that as well, as long as it trends down below the blue line on chart.
For more information and insights into managing this position, scaling in, and understanding the logic behind the technical setups contact me via pm. I'm currently hosting a skype group, where I share trade setups and also provide traders with training, as well as 2 private webinars per week, and also giving tutoring via skype calls, on a one on one basis.
Good luck if you take this trade.
Cheers,
Ivan Labrie
Time at Mode FX
Trade active
Comment
All good, hopefully we get the weekly confirmation.Trade active
We have confirmation.Hold shorts!
Comment
Beast win!Comment
New low...Comment
On track...we can add on weekly retracement.Trade closed manually
Action might turn extremely volatile, looks like we're forming a bottom.
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