USOil is in a tight wedge and is giving indications of an imminent correction. A strong break of the 4 hr TL (Blue) and a bearish flag will indicate a shorting opportunity. I would wait for a similar indication below the first Daily trend line (Green). A safer trade for a longer ride down. A break of the second trend line and we could see a revisit to $30. That is a ways off and this is a heavily manipulated commodity so one step at a time.
This is not a trade suggestion but an idea I have. Please educate yourself create a trade plan and become responsible for your own ideas. Use others to confirm your thoughts.
I welcome all comments and ideas. Please be constructive and show your charts and ideas so we can all learn together.
This is not a trade suggestion but an idea I have. Please educate yourself create a trade plan and become responsible for your own ideas. Use others to confirm your thoughts.
I welcome all comments and ideas. Please be constructive and show your charts and ideas so we can all learn together.
Komen:
I I were to take a short off this developing bear flag I would move my stop to break even when it gets close to the green trend line.
Komen:
I should have proofed this better. Sorry for my lack of professionalism. It of course should have said sell the break not buy. If you read the plan I think it should be clear. However if I caused some confusion I apologize I hope it did not mislead anyone.
“To be a trader you need a lot of knowledge and a bit of luck. To be a winning trader you need to know the difference.”
K. Hamilton Proudman
“To be a trader you need a lot of knowledge and a bit of luck. To be a winning trader you need to know the difference.”
K. Hamilton Proudman
What you know teach, what you don`t know learn.