Posts Tagged crude oil
I'd thought I'd bring the above chart to your attention. It is the Crude Oil in the Daily timeframe. I'm wondering if it's poised to move upwards.
My thinking is that there is a pinbar.. a fairly strong one too where the close of the bar is right at the highs of it showing strength. Also, the low is a higher low than previously which is the possible start of an uptrend. The market has been in a long decline and is severely oversold. However, saying all this, we must also bear caution as
June 8, 2012
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You remember the trade that I put on the other day. The disappointing thing is that the support which we had identified didn't hold and the price action crashed through it and took out my stop for 140 points.
Disappointing, of course, but in trading you have to expect these losses. As a trader so long as each maximum loss is your defined percentage loss (in my case 2%), it doesn't matter. I was able to stick through my plan and it didn't come off. I was talking to some other trader friend
May 16, 2012
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As I progress with my trading, I'm finding myself more picky with the trades that I trade. I also like to take the trades off the longer timeframe charts as they are less stressful (though I use the shorter timeframe to enter).
Anyway, have a look at Crude Oil today... I post the 1 hour chart below:
What was interesting to me from this chart prior to the fall (as you see in the price bar one previous to the current price bar) is that the price had lingered around 10700. Big round numbe
March 13, 2012
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