Oil Stalling.....What Now?
So we followed the move from the 58 area to the 64 area as I told you. Six bucks worth of move and not bad. The market cooperated without much fuss. This is a bonus when it does that.
My record at calling these moves ahead of time and giving you some key advice I bet is pretty unfounded. There are people that pay so much per month just to get a glimpse of what I provide you for free. I do it time and time and time again. You simply have to follow my thoughts. That is it. No fretting or sweating and the rest is simply patience which is the thing isn't it. The market might pump and dump you a few times and you get shaken. This is what happens to most traders. However as you look at the chart I defined where the key volume areas are. You just have to wait for price to get there before taking the trade. Where your risk to reward is the lowest and highest respectively. Yet most traders chase price all over. They execute trade after trade looking for some magic in the markets.
I am not sure about you but I would much rather trade this way.
As I have said to you many times before Oil is not in any position to make any races towards the upper price levels it has been at before. Nor are people prepared or able to make those sorts of payments at the pumps. Not without bad things happening.
So as you can see I liquidated at around the 64 level following my own advice. Now I am looking short once again and from the area that I previously defined. Not hard folks. All there ahead of time and all there for you to see.
So where too from here. I suspect we may get a head fake back up a bit before a very strong move to the downside. Perhaps goading a few more technical longs into the market before washing them. The market may stay in this area for a while so be aware of that. However I do expect to see 55 before too long and below.
That being said you can check the chart below and you can see that I have already taken some profits but letting the rest run. I made a couple of bucks on the bounce so we'll see what happens.
In the continuation move from today we see that the price action has taken us down even more. A nice 4 dollar move so far.
Is it over. Well if we are to get a bounce back to say the 62 area it might be here having broken the up trend line. Lines as you know mean diddly squat other than to get the technical traders to take positions which they might be starting to do now to the short side. The large volume and order flow to the upside still needs to be shaken out a bit so we may yet see a continuation of oil to the downside. If you have been following from my posts well now might be a time to take some profits off the table. My projections were all drawn in weeks ahead of time so there should be no excuse why you aren't with me.
Cheers!
My record at calling these moves ahead of time and giving you some key advice I bet is pretty unfounded. There are people that pay so much per month just to get a glimpse of what I provide you for free. I do it time and time and time again. You simply have to follow my thoughts. That is it. No fretting or sweating and the rest is simply patience which is the thing isn't it. The market might pump and dump you a few times and you get shaken. This is what happens to most traders. However as you look at the chart I defined where the key volume areas are. You just have to wait for price to get there before taking the trade. Where your risk to reward is the lowest and highest respectively. Yet most traders chase price all over. They execute trade after trade looking for some magic in the markets.
I am not sure about you but I would much rather trade this way.
As I have said to you many times before Oil is not in any position to make any races towards the upper price levels it has been at before. Nor are people prepared or able to make those sorts of payments at the pumps. Not without bad things happening.
So as you can see I liquidated at around the 64 level following my own advice. Now I am looking short once again and from the area that I previously defined. Not hard folks. All there ahead of time and all there for you to see.
So where too from here. I suspect we may get a head fake back up a bit before a very strong move to the downside. Perhaps goading a few more technical longs into the market before washing them. The market may stay in this area for a while so be aware of that. However I do expect to see 55 before too long and below.
That being said you can check the chart below and you can see that I have already taken some profits but letting the rest run. I made a couple of bucks on the bounce so we'll see what happens.
In the continuation move from today we see that the price action has taken us down even more. A nice 4 dollar move so far.
Is it over. Well if we are to get a bounce back to say the 62 area it might be here having broken the up trend line. Lines as you know mean diddly squat other than to get the technical traders to take positions which they might be starting to do now to the short side. The large volume and order flow to the upside still needs to be shaken out a bit so we may yet see a continuation of oil to the downside. If you have been following from my posts well now might be a time to take some profits off the table. My projections were all drawn in weeks ahead of time so there should be no excuse why you aren't with me.
Cheers!
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