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CL - Crude Oil probably prepping for a diveThe real last high was on 2015/08/31 - with a very low close, basically a give-up. From 2016/01/08 price started to stair-step in big swings. The prior high, from where buyers gave up, was the exact point where they once again ran out of power, failing to break north and go higher. OPEC brought news in the last days - they would even lower prices much more to support Crude prices... My thinking goes like this: It's not a organisation who makes the market - It's the market, humans who tell what they are willing to pay. And if the crowd is not willing to pay more for crude, then nobody in the world can stop price from going lower and lower. It's just my simple thinking and in the years I walk on our bowl, the rules of live worked out very well. If not, it was me who did not follow it... Back to the chart. The past weeks produced a coil - energy is loading up. IMO it will explode to the south - but who knows - maybe something will happen and then people are willing to pay more and my thoughts are history. Yes, no crystal bowl, just putting together the puzzles and hope the picture is what it's showing. As for now, I see price will reach the centerline - either the white or even the blue one. But first there shall be a break of the support (blue line). Then I hope for price to come back to pick me up for the ride. But this is probably wishful thinking here, because of the loading on energy which could expand very explosive. Hunt mode on... P!
NYMEX:CLJ2017Short
by Tr8dingN3rd
GBPUSD - Closer look on a working tradeThe prior chart speaks for it self. This chart is a closer look to the current situation. Price closed below the L-MLH = It's going to the next extreme. On a higher scale, this would be a drop from the Blue centerline with target to the Blue L-MLH. But be careful: I see price got pressed. And the bulls holding it up, what leads to this small triangle, resulting in momentum. Pressings very often the not get smacked! It would create the potential to test/retest the white MLH or even the blue CL, before fulfilling it's job, going south to the blue L-MLH where my target (green) would be. Managing my trade in the prior chart and looking for a opportunity to load up in this one.
Short
by Tr8dingN3rd