CL Redux

Seems random to me, but see it for yourself:

On a 5 minute chart:

 

And on a 1-hour chart:

 

thx for the charts sarvise. i never knew about the "correlation" study in ToS! i mainly trade oil by comparing it to other markets, and GC use to be my bread and butter. was hoping someone could explain why the two completely decoupled.

flat at 75.65, this upmove looks labored even though dx has dropped alot

 

long 75.61 sl 75.51

 

long 75.30
stop 75.00

 

stopped

 

flat 75.51

that was a boredom trade, not even a 1:1 risk:reward, need to not do that

 

At the risk of sounding like an analyst (yuk! ), I would say that while gold was behaving like a commodity, USD weakness was bullish (as for oil, etc.), but now it is both a sovereign-risk-aversion play and - yet still - a commodity, so Euro-zone scares push it up (while pushing down euro and the rest of commodities), but "smooth/normal" dollar weakness (euro strength) is still bullish, after correcting "scare" overshoots. Hope it makes sense. If you want a metal as a proxy for oil, take a look at copper (IMHO silver is an even bigger bitch than gold ).

 

thx for the analysis Sarvise, what's wrong with sounding like an analyst? I'm going to replace gc with copper on my screen and see how it looks.

 

first trade in the morning, get silimar results like yesterday. this time, after I turned my computer, I did not check the chart, felt the right price for me, got in a little bit early, temporarily dip to 74.52, then back to my entry price. next time, I should not do it pro-actively. I get to wait till my signal