What time frame are you talking about? If you are talking about the daily chart, then yea I think longs are good off a pullback.. But it's also a counter trend trade
CL Redux
- Thread starter schizo
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What time frame are you talking about? If you are talking about the daily chart, then yea I think longs are good off a pullback.. But it's also a counter trend trade
What time frame are you talking about? If you are talking about the daily chart, then yea I think longs are good off a pullback.. But it's also a counter trend trade
Not really. Since I posted these on Sunday, both have moved up nicely, a reversal in the XLE and a downtrend break in oil. Oil may move sideways for a while or even resume the downtrend, but, since price moved past the last swing high, the recent downtrend is broken unless there is a sudden and decisive failure.
Incidentally, I should point out that the Nasdaq took seven months to reverse its downtrend after the internet bubble but much less than that after the housing bubble. Therefore, oil could take off from here or waffle around for weeks or months. But, if nothing else, the bottoming process has begun.
What time frame are you talking about? If you are talking about the daily chart, then yea I think longs are good off a pullback.. But it's also a counter trend trade
Yes, the daily chart. And it would definitely be a CT trade, based on a reversal setup.
The trend is down and this could be just another consolidation before the next leg down, as we saw in September.
We never know what will happen next; that what stops are for.
Unless you have unlimited capital to trade. Then you just average down until profitable.
So what you guys are saying is that price will either go sideways, down or up?
Impressive.
Impressive.
Unusually quiet thread recently. And while I realize that no one cares about the daily charts I posted, for the sake of closure I'll point out that the potential retracement in CL was not confirmed, i.e., it didn't complete. When it doesn't complete, then there are only two directions left: sideways and down. If we don't drop below the swing low from the end of January, then it's sideways, and who knows how long.
Good luck with your scalping.
Good luck with your scalping.
Post an entry or don't speak at all.
Price can basically do three things. Go up, sideways or down. Why do you keep repeating this? It's common sense.
Price can basically do three things. Go up, sideways or down. Why do you keep repeating this? It's common sense.
It's Schizo's thread. Take it up with him.
I keep repeating it because so few understand it. Remind me of how much money you've lost?
Let us know when you decide to actually take a trade and please stop with this gibberish.
"If price don't go down now, it will go sideways. If not, it will go up."
Come on...