i've been watching this for the past 6 weeks daily, pulled the (long-term) trigger on friday afternoon, long. a confluence of potential setups, with great reward/risk, for a huge move? count me in.
an american publication "BARRONS" mentions OIL this weekend on their cover saying it is time to buy perhaps they also read ET ? * note they are talking about names in the energy sector as opposed to buying USO or crude oil futures / options etc *
aloha mate, what price did you go long at?? i got my sells 1 spike too early, at just under 45.86 when the head n shoulders formed there, but holding over weekend for 43.86 t 44.26 target
in OIL, not the crude or USO, @21.6. sole reason for so high: i went to doctor's, and my retirement (where i have this) is phone-only. when i came back, the breakout happened...but on something where there's such a huge upside, i'll suffer with paying an extra buck on it. (btw, that corresponded to about $46 on the actual crude, not the ETF, i think)
ALoha people. Ive posted a few charts to show what the key levels will be today. The key levels- *On the upside theres gna be a rectangle with lost of choppiness on anything between 46.26 to 46.68, if it breaks up and past 46.89 its gna be foing a flagpole formation. (Any trades going in between 46.26 and 46.89 in either direction would be risky cos the choppiness there). *Next key level will be 47.26. I know its not much higher than 46.89, but it is a strong reistance level (double line cross). And if it holds oil under it then its gna be a head n shoulders formation have formed there. (So if anyone sees market looking weak and struggling to rise there i would advise getting sells in around 47.26, but stoploss no higher than 47.39). *Above that the next key level is 48.69. So its a big gap up if 47.26 gives way. (48.69 is the level i called yesterday morning that would very likely be key resistance, and it played out to being the high of the day before that fast crash down under 46). So that means its 3x as key now, since its previous days high so where sellers stops will be, its a key level on 1hour chart with lines cross, and its even the key level on the monthly chart. *If 48.69 gets taken out theres nothing to stop oil until 50.89 (So another big $2s gap up). 50.89 is another very strong key resistance level on the monthly chart though. And on the downside the key levels are- *44.62 (Strong key level). *And then 43.86 which has alot of buying interest and bulky support built up underneath it now. (Il post 2charts now to show the levels)
And the monthly chart shows the most important really key levels more clearly. Goodluck for today everyone.
I hope the technical daily analysis i posted on here last night with the key levels to watch and the charts did help everyone avoid getting caughtout in the wrong direction or in mid range choppy levels. I see we did go and test the 47.26 level, formed a head n shoulders there, and so if anyone did follow the call i gave explaining how to trade that occurence, by selling at .26 on the top of right shoulder, with stoploss at .39, then hopefully you will have made over 150ticks+ profit if you held it out, for just 13ticks risk. hehe The market did form a head n shoulders on the larger timeframe too by not being able to break and hold above 47.26, and so thats why it fell all the way down to 44.62m, wheres its floating at the moment. (Like i said, 44.62 is a very very key level, but if it goes then 44.26 or 43.86 will need to hold to stop low or sub-40 again). Ive attached chart to show how it did play out, and how in the future others can identify what formations to watch for at these levels. Ive also circled the areas where i said there would be choppiness 46.26 - 46.86, to show how risky it would have been to make a trade in either direction in those levels.