I'm monitoring the oil futures to take a daily short position, to complement my monthly short (see related ideas). Today I shorted oil, using a stop loss at June's monthly close. You can enter here right away, and add once the daily signal triggers. I'll update the publication once that happens. There's a time at mode uptrend on chart, and time expires on the 19th. The target has been exceeded and we're approaching a low volume resistance level, plus RgMov indicates this is a downtrend, and that we can short once we spot weakness in oil's price action, specially now, since CCI has hit overbought levels.
- Go short oil futures, CFDs, ETFs (like OIL), at market, and use a stop loss at June's monthly closing price.
Risk 0.5-1%. Not more. We will add once the daily signal triggers.
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/ We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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To short oil we'll need a new daily low, for the time being the monthly short is in danger, but not stopped out.
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Today's action is good. We'll go short on monday, if we plot a new daily low. Stop loss will be above today's high + 1 tick. Wait for today's close to act.
トレード稼働中
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We got short as described, on a break of Friday's low, stop 1 tick above Friday's high. Solid move so far. Holding for downside.
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Covered half before the futures rollover, got back in after the rally with the remaining half. Let's see how it goes.
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Amazing drop. It's clear the uptrend is toast here.
Got stuck on the same trade - with my very similar analysis.
BlueSkyThinking
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@IVAN - please note though that there has been some arbitrage this week on the brent I noted. If we take the spot price, the VPOC is slightly above .. so I think your idea is still valid, we just are going to get the volume slightly higher.
IvanLabrie
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Yes, perhaps it's the case. I'll short a new daily low.
Perhaps we can try a Brent+wti chart. I haven't.
The lowest and the highest volume levels are always interesting.
Cheers!
SupraBoy
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Hope you didn't get hit by another spike on oil prices today.
IvanLabrie
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Not a big deal gents, we have good and bad trades. What matters is riding the good ones, and making more than you lose.
This week I'm showing everyone the trades I'm taking, and giving precise indications (unlike most gurus here who never post entry and stop, nor give management reccomendations).
daotrader_
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How are you playing this? whats your order?
daotrader_
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agreed
tbuckle
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Pull back likely but not bear reversal
IvanLabrie
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I don't know, the monthly chart tells me a different story.
Thanks for stopping by, cheers.
tbuckle
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So by when are you expecting this to fall really significantly?