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Deteriorates

Long Term Bear, do not hold 3x futures based productsI enjoy trading DRIP and I believe long term, oil is worth less than today. ESG is a movement that will continue, especially when it comes to China and India's eventual and inevitable higher participating in the space. Day trade DRIP, but do not hold. The issue arises from the cost to roll the futures and the cost to leverage the future or ETF into a swap that returns the 3x. The cost is high, the slippage is insurmountable, and the product will deteriorate even if you chose the correct trade. Examples of this are everywhere. Trade events and noise, it is a risk / reward play. Saudi oil field was the last great play for this product, any large move up in CL1 would be a short term long DRIP. If you chose to trade the technicals, do not use the ETF, but CL1. This includes USO, this will also deteriorate away from CL1. **no position, but always waiting **happy to share further details on this topic and how these products function
AMEX:DRIP
by RCB1229
Bitcoin: BTCUSD Technical Picture Deteriorating FurtherBitcoin Sunday Update Nothing has happened over the last 24 hours of trading to improve the technical picture - after breaking the bear flag formation all remaining longs closed out and those day traders who then sold did well from the highs of the new day at the 9900-9917 range. Since then it's carried on drifting lower, still falling away out lack of interest rather than outright rejection at this point. The pattern is still overall bearish. The parallels guiding the descent have shifted to a less acute angle but the downtrend is still clearly in play with Bitcoin making a little continuation pattern before it falls away again, sliding lower towards the parallels below it and making small bounces off the blue support lines as it descends towards 9061, then 8805 and then 8551. Over the last 24 hours Bitcoin has built up and reinforced heavy overhead resistance at 9900-9917 - whilst below here it remains in a weak technical position - look to sell rallies with stops above 9710 for now. Coinbase Update Saturday 11:07gmt/06:07est* Ripped through the lower parallel of the flag on Coinbase - now trapped in smaller parallels and finding scant support off the lower line - now an attempt for 9900-9917 line which was the last line of neartterm support here on Coinbase and 'limit- down' those with long memories back to last night may remember. This is more dying of dis-interest than outright rejection - but it's not remotely tempting to buy right now. Likely to slide away and the bears that are out and sniffing blood won't be backing away until the upper parallel is broken and then held on the retest too. Too many failed breaks now to trust them, no? Just be damn careful all day if trading this mofo this weekend. In the absence of buyers it 's got to slide lower down the parallels. But the markets goes on regardless and day traders are buying off the lower parallel and likely looking to sell again off the upper one when touched later at 9900. 12:00 gmt/07.00est Saturday ...moving in a continuation pattern, effectively a large a bearish flag, shouldn't turn bearish again until the lowest rising parallel is broken on downside. At that point - whenever it arrives - the rally is done. Close out longs if it happens sooner rather than later. We do not want to be trapped inside the bait-ball when the next pod of whales starts circling. We have to exit before they arrive. Is this paranoia ? Maybe. But just cos we're a little paranoid doesn't mean that there isn't someone following us. There is a time to be paranoid and a time to be gung-ho. Right now, for safety's sake, it's better to be the former. We can get over paranoia. Losing 20% is harder to bear. So this weekend we have to tread carefully - more carefully than usual. Better safe than sorry. * For fastest updates in real-time please see top left of main Tv page
COINBASE:BTCUSDShort
by sumastardon