SYMETRICAL CHANNEL AND BULISH BAT
LONG APPROACH ON LARGER SCALE
LONG APPROACH ON LARGER SCALE
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MARKET RESPECT THE BUTICKTOM CHANEL LINE. OIL IS TRICKY. LETS SEE IF WE GET BE AWARDED FOR OUR BOLD PLAN
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we need todays pull in the afternoon to get propelled towards targets. it looks nice but market may be tempted to retest the lows once again.
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LETS SEE IF THE FALLING RESISTENCE LINE WILL BE BROKEN
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THE MARKET MAY DIVE ONCE AGAIN IN 44,6 TO RETEST THE BUTTOM. IT MAY BE SECOND CHANCE TO JUMP IN WITH LONGS
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Oil has overcome decending line. It still has potential to hit both targets
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ITS GOING STRAIGHT UPWARDS.PROBABLY WE SHOULD SEE SOME RELIEF AND RETEST THE LOWS TO GO HIGHER AND REACH BOTH TARGETS
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I CLOSED THE POSITION AT 48 . AND OPEN SHORT POSITION.IT LOOKS LIKE WE ARE GOING TO RETEST THE LOWS AS SHOWN DOWN. AFTER RETEST OF LOWS I WILL TRY ENTER LONG ONCE AGAIN
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My previous decision on closing long and opening short on oil at 48 was prematiour . I gave away previuos profit to the market. I should have sticked to the plan. Lesson from this. Channel on a chart is far more effective then fib extensions as more obvious to read for market participents...
Lets keep that lesson in memory
Lets keep that lesson in memory
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Now as we are touching the upper line of channel it would suggest its time to go short...
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For those who follow. I entered short at 51 and will keep it till 44-45 area. Already in profit....