Posts Tagged oil
The markets have been rather choppy where pullbacks have been quite large. I've been focusing on the 15 minute charts to grab a few pips here and there. Here is what I did today.
My first trade was crude oil. I could see that a 'W' pattern had formed in the 15 minutes. I had talked about the W pattern before in previous posts on the blog.. you can read one here:
http://www.makemesomemoney.co.uk/2011/09/01/the-w-pattern-in-oil-price/
It's basically the market finding support. I went
December 12, 2011
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Today was a very interesting day in terms of my trading psychology. I was able to see where I went wrong and also analyse my trading psychology and where I went wrong.
I mentioned in a previous article about the importance of where to put my stop and one thing that I did well today was that. My stop was below the previous low and therefore support at 8847 (which is a little bit below the actual support at 8860 to take into account the stop hunters and spreads).
The trade didn't really get
September 8, 2011
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If you study stock price patterns, no doubt you would have come across the W or M pattern. These are also double bottom or double top patterns and signify potential reversals in the underlying asset class.
If you want to read more, there's a nice article on Investopedia:
http://www.investopedia.com/university/charts/charts4.asp#axzz1WgQnxMpY
Anyway, these patterns can persist in all timeframes and I saw and traded oil with it last night.
You can see that oil price made a W (outli
September 1, 2011
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