Commodities portfolio: USOIL - Buy market, buy dips, buy slowly
Updated
Oil has a great 'Time at mode' signal, and similarly to Gold, it seems to be operating in the 8-day timeframe.
After the OPEC news, we took a long position in the 45.60 region, which we're still holding with my clients. I reccomended closing half of the trade before Friday's session, and we have stops at entry price on it now.
After the production cut news, price rallied strongly and confirmed the uptrend you see here, giving us two potential targets, at 60.77 and 81.73. Additionally, we took a buy at the close on Friday.
I'll continue to add to the position and also trade around it. I'd like to see price hit the 48.10 level you see here, to add more, but it might not happen, so if you're not long, you may enter at market open with a partial risk position. Use a stop under 46.17 for all entries. We can maneuver this uptrend from the daily chart as well, taking shorter term swing trades on each pullback, while the rally progresses -I give my signals clients trades like these all the time, like in NGAS-. Consider this forecast has time until January 2017, as long as we don't drop back under 46.17.
Good luck!
Ivan Labrie.
After the OPEC news, we took a long position in the 45.60 region, which we're still holding with my clients. I reccomended closing half of the trade before Friday's session, and we have stops at entry price on it now.
After the production cut news, price rallied strongly and confirmed the uptrend you see here, giving us two potential targets, at 60.77 and 81.73. Additionally, we took a buy at the close on Friday.
I'll continue to add to the position and also trade around it. I'd like to see price hit the 48.10 level you see here, to add more, but it might not happen, so if you're not long, you may enter at market open with a partial risk position. Use a stop under 46.17 for all entries. We can maneuver this uptrend from the daily chart as well, taking shorter term swing trades on each pullback, while the rally progresses -I give my signals clients trades like these all the time, like in NGAS-. Consider this forecast has time until January 2017, as long as we don't drop back under 46.17.
Good luck!
Ivan Labrie.
Note
If you took this at market open, price is now 1,68 points higher.I added on the new daily low.
Note
Holding for now.Note
Had booked profits yesterday but reentered at the open today.Note
Lack of follow through makes this trade dangerous for now, we will have to study the daily chart in front month futures.
🔒Want to dive deeper? Check out my paid services below🔒
ivanlabrie.substack.com/
ivanlabrie.substack.com/
Related publications
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.