I haven't had an update on crude since the last post so here it is....Its basically just consolidating as of right now we have agreement between the buyer and the seller. this is opportunity here and there will be a trade off of this. everything in my first post is still playing out. and i'm still anticipating and push lower. though time will tell . good trading!
I decided to post this crude oil play, because i have been watching it setup now for several days, (and am kinda drooling lol) lots of anaylysts and traders are thinking crude has more room to rally and it very well might. BUT we are setting up in a unique pattern thats is very coiled and when the move happens it will be fast and more than likely with alot of volume behind it. Reason why I posted this is because there is 2 scenerios that can happen here. scenerio 1) we break out of this tight consolidation to the downside (which is what i would like to happen) or scenerio 2) we will break out to the upside and retest recent highs and chop back and forth. this future is very vulnerable and is ready to make a serious move the balance area that has formed is very mature. What ever it decides to do there is several trade opportunites that lie here you can buy the breakout in an initiative type play, or be a responsive buyer at the lows or highs or recent highs. All in all this is a great example of a very mature balance that is about to go to imbalance. Note: one reason why im leaning to more of a bearish bias is because 1.) its memorial weekend and oils just flat out not moving, in the past crude would rip all the way into memorial weekend...maybe oil has gotten ahead of itself??? 2.) we have been pushing up hard for several months. If your not a player in this paticular setup or dont want to trade the crude contract there is several of stocks setting up the same way. Good Trading KraTrader
I haven't had an update on crude since the last post so here it is....Its basically just consolidating as of right now we have agreement between the buyer and the seller. this is opportunity here and there will be a trade off of this. everything in my first post is still playing out. and i'm still anticipating and push lower. though time will tell . good trading!
I decided to post this crude oil play, because i have been watching it setup now for several days, (and am kinda drooling lol) lots of anaylysts and traders are thinking crude has more room to rally and it very well might. BUT we are setting up in a unique pattern thats is very coiled and when the move happens it will be fast and more than likely with alot of volume behind it. Reason why I posted this is because there is 2 scenerios that can happen here. scenerio 1) we break out of this tight consolidation to the downside (which is what i would like to happen) or scenerio 2) we will break out to the upside and retest recent highs and chop back and forth. this future is very vulnerable and is ready to make a serious move the balance area that has formed is very mature. What ever it decides to do there is several trade opportunites that lie here you can buy the breakout in an initiative type play, or be a responsive buyer at the lows or highs or recent highs. All in all this is a great example of a very mature balance that is about to go to imbalance. Note: one reason why im leaning to more of a bearish bias is because 1.) its memorial weekend and oils just flat out not moving, in the past crude would rip all the way into memorial weekend...maybe oil has gotten ahead of itself??? 2.) we have been pushing up hard for several months. If your not a player in this paticular setup or dont want to trade the crude contract there is several of stocks setting up the same way. Good Trading KraTrader
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