I'm back to Crudeoil trading. I take my trade decisions in Crudoil by looking at USOIL price action. Here USOIL is in a parallel channel. I took a long trade based on this today.
Triangle pattern forming up in USOIL. Watch which side it breaks.
Another triangle pattern in USOIL. Wait for a breakout before taking a trade.
CRUDEOIL followed USOIL's lead and opened gap-down today thus breaking its long term parallel channel. Provided a good opportunity for a couple of short trades.
USOIL today broke the wedge pattern which I had posted last week. Gave an easy opportunity for a short trade. I have marked a key support level and a support zone.
Crudeoil has been in a parallel channel from quite some time. Provides an easy opportunity to capture 10-20 points every day. Waiting for a breakout and a big move.
It was a sell at 2980 right after the pattern break and exit at 2940 at the parallel channel support, with SL at 3000
USOIL is in a wedge from the last 13 days. I am expecting it to continue like this for another week till a clear triangle pattern emerges and it breaks in one direction.