Well, long term, I added to my Longs crude oil position, MACD going down, RSI below 50, close below Bollinger's, most would say it is all negative, but automation added to Longs/hedged on close. Am seeking Crude Oil to get above 93 before I can reverse my position. Plus, makes no sense price going down, holidays kicking in so more car, truck and air miles. Need fuel.
nice support at the fifty. reminds me of a haramibolli trigger on your chart https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-12#post-5066694 btw, doji best friend trade after Sep 21 worked in spades. https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-21#post-5368378
Of course I read the report which is why I went long. Did you understand the report? Oil is heading higher. For the most part I don't short it.
You like to read charts and understand R:R. The PA pounced from the 50MA. Do you now put the SL a little bit below the 76.25 level or somewhere else?
But you are forgetting the Biden freak out! That WILL have an impact. We also must keep an eye on the Baker Hughes reports...Next one tomorrow afternoon EST.
Well oil is closed Friday night so that report holds no meaning to me. LOL. I don't trade during the day, I am a working slave. LOL.
Don't like the lower low it made yesterday. We might head down to $72 before bouncing back. On a macro level, Biden admin is looking to go witch hunting on oil companies to bring prices back down.