My trade for the week of Oct 28, 2013 is Long Oil. Friday finally stop going down and making lower lows. Also good support on the day chart at the $95 level. Break of Friday’s high and go long. It might do it early Sunday night. Looking for $100. That’s 200+ Pips. Lets see if I get burned… :eek:
Also pinbars on both crude and Brent daily so I would say high probability looks good.
Still will wait until we get the break over the Friday highs. Everyone is telling me peace has broken out all over the middle east, the Cushing oil glut and the economy is flat (low demand). Perhaps another scary dip to 94-95. :48:
Zoom out on daily crude and there is resistance around 98.30 but Brent seems to be moving up so it will be interesting as you say whether Fridays high on crude will be broke and just to watch for the res just above it. A bit of extra demand would be a help of course.
Hey,
WTI (usoil) is definitely at a key area of past interest.
The Daily showed a counter-trend MORNING STAR, which may be an indication that price may retrace (pullback) in coming days.
I’m personally waiting for a bearish price action pattern around VBRN 100.00 in order to go short with the D1 trend.
Cheers
PS:
VBRN = very big round number
KHL = key horizontal level
.
Well we got the break of Friday’s high - in at 97.90, stops to BE. I always hate this part of the trade. It always comes back to the break point. Lets hope we don’t get stopped out. Yes I could have scalped for a few pips, but staying with the trade. Target is 100 (lets make it 99.98)… :34:
Well stopped out at BE. Such is life, lets look at the next set up. :15: