oil, cl, daytrading for Nov 22ndThe oil moves are very bullish and i will be looking for a pull back to 58.40 area for a triggered long. Or a break above 58.75 and then a support retest.
CL
Analysis of the Current Situation on US OIL by ThinkingAntsOkUse this asa a guide to develop your view on the chart
Main items we can see on the Daily timeframe:
a)Price is on an ascending channel against a relevan resistance zone
b)Now is a key moment to see if the price is able to go higher or if it fails on the attempt.
c)IF the price fails and the ascending channel is broken below 55.56 we will expect a continuation of the bearish movement towards Target 1 at 51.00
d)IF that level is broken, we will expect a continuation of the bearish movement towards Target 2 at 43.00. We think the price will make a correction on that area before the new bearish movement happens.
Weekly Chart:
CL Trade SetupCL is making a serious attempt to break out of the composite of last few sessions, so we go to give it the benefit of doubt :)
57.40-50 remains the trend decider for today.
1. test and hold of that for a long side play to test 57.90 and 58.10
2. Hold below to get back into the range of 57.20
oil, cl, day trading for Nov 14thOil remains bullish but is reaching some resistance and the up move will either explode or stall.
will look long if top red zone becomes support. and short below red zone showing a few support areas that could keep the bull alive.
remember oil inventory report today at 11:00 est so play safe.
oil, cl, day trading for Nov 13thoil has moved to the bottom of its bigger range and we get to see if that is support or further weakness steps in. The test off the bottom of the red zone or a break above red top both could be good trades back to the 57.5 area and we will still be in the consolidation.
As of this typing a bigger up move is happening and will give a clue as to further strength or exhaustion, will watch close for clues.
Analysis of the Current Structure on USOIL by ThinkingAntsOkUse this as a guide to develop your setup.
Main items we can see on the 1H chart:
a)Price Couldnt Broke the primary ascending Structure, and it failed several times on the past (Weakness of the Bullish Movement)
b)On MACD we can see a Bearish Divergence (Weakness of the Bullish Movement)
c)Now we will wait for a Re-Test of the White trendline, and after that, we expect a bearish movement towards the next Minor Support Zone
d)Only look for short trades if the Re test happens
e)Our conclusion on this structure is that the price will break it down, starting a new bearish movement of a Higher Degree
oil, cl, trading for Nov 11thoil action is short but in range and balanced inside a larger consolidation. We have a small and large red zone, one for the big consolidation and then one for the last hours of action. bit one is 57.60 to 55.75,
I will be looking for trades to remain inside the big range and will use that as targets and or entry points till we move out of the range.
USDCAD: NFP price action determines key levelsEveryone involved in FX trading has their eyes peeled on price charts and fundamental data that comes out every first Friday of each month, when Non-Farm Payrolls data is made public for the month before. This creates volatility during the day, and also a very significant price level where the market reacts, either being attracted to or rejected from the level.
I've plotted these key levels on chart, with a vertical line showing the date of the NFP report. You can clearly see that when the market deviates far enough from the last key level, it will be drawn back to it over time...and that when retesting a level after moving away from it for a while, it will react when hitting it most of the time, helping us map how far and in which direction prices can move.
Right now the last short term signal in $USDCAD failed, hitting my stop loss at break even after buying the breakout at 1.31634, and briefly seeing some profit following the NFP data. The dollar is acting weak accross the board which is an anomaly, and oil regaining strength. We should focus on currencies to determine if we need to hedge our dollar exposure in the equities portfolio, since although earnings in foreign currencies would increase if the dollar devaluates it could hurt stocks' performance even during a rally.
Cheers,
Ivan Labrie.
oil, cl, day trading for Nov 8ththe short term trend is short but the bottom of the red zone will either stop that trend or confirm today's direction so that is where my focus is
oil, cl, day trading for Nov 7thNice bounce in oil keeping it inside a big range, creating what i think will be a very sideways day.
A break below red zone low should see a move to 56.65 that is about the only edge I have today in oil.
oil, cl, day trading for Nov 6thThe current move is a bit short but balanced, so thinking we will open test top of balance or a bit higher and then move down to test the red zone bottom. I maybe waiting it all out until post 10:30 report and see what side gets the driver.
oil, cl, trading for Nov 5thafter close oil has remained in a balance consolidation and now looking at the Red zone to be very important to the next move for oil.
Will look for a range bound trade inside the red zone and only lean the direction of the break out after it happens.
oil, cl, trading for Nov 4thbig moves up and now maybe getting into resistance areas so will be watch close for how the market reacts in these upper levels, so will be looking at what happens when this red zone breaks
cl, oil, trading Nov 1stOil is having a strong up move taking us to a higher distribution and if we remain above the Red zone top I think we could get to 55.30.
In the event we move back inside the red zone very likely chop.
Move below red bottom only think we get to first lower blue target.
Trade I like is a test of Red top for a long!
cl, oil, trading for Oct 31stOil is in a down trend stuck between 2 distributions so a move below red bottom should have us go back to a choppy trade in the 53.50 area and a move above the top Red zone should produce the same chop 55 area. now that could provide some nice bottom zone longs for .8 points long and a short from top of .7 points.
cl, oil, trading for Oct 20thToday due to oil inventor report at 10:30 and interest rate announcement at 2:00 the red zone will be larger, And this also makes since seeing that after RTH session yesterday we forma big balance zone.
I will be careful today but until we clear this zone will be looking for trades back and forth inside the red zone.
Daily Analysis on US OIL by ThinkingAntsOkUse this as a guide to make your own setup
Main items we can observe on the Daily Chart:
a)The price is against a major Support zone tested multiple times
b)Currently, we can see a corrective structure close to the support zone and the Descending trendline
c)We expect a breakout of the corrective Structure + correction below it
d)If this happens and the support zone 1 is broken, expect a continuation of the bearish movement towards Support zone 2
oil, cl, trading for Oct 29thwe are moving in a downward direction and could see this continue to at least 54.25 area. I would like to see a bounce up to short but will see how we act around the red zone. a move back above 55.60 should take us back into the upper distribution and have us enter chop around 56
