Lower oil prices soon by my cycle analysis

[4xis2ez]

Oil price will likely drop starting in a few days till about May 12.

 

[4xis2ez]

Oil prices dropping as expected.

 

[sunset1]

I see it has already kicked off I will try and get another entry point.
In your opinion where would you say is the most likely level ?

 

[hatemypips]

Oil prices dropping as expected.

What's your view on its next direction?

 

[sunset1]

in my opinion we have a high to lower high square out from 63.37 to 63.31 in 36 bars for a sell move and the square root readings are good on a 1 hour chart so it looks good from here at this moment in time

 

[sunset1]

good time and price readings an hour ago at15.05 on a 5 minute chart with a high of 63.21 we will wait and see the outcome!

 

[sunset1]

well its back to the drawing board for me after my last 2 attempts it is obvious that I am doing something wrong.
I will try again another time as I think I know where I am going wrong.

 

[4xis2ez]

Do not try to short until May 5/6. I don't know about price levels to look at.

 

[sunset1]

okay will keep that date in mind thanks for the heads up

 

[hatemypips]

in my opinion we have a high to lower high square out from 63.37 to 63.31 in 36 bars for a sell move and the square root readings are good on a 1 hour chart so it looks good from here at this moment in time

Sounds a bit complicated but I hope you manage this mess and trade in profit. I tend to use naked eye and concentrate exclusively on price action to eliminate redundant signals like ones that came from indicators.

 

[4xis2ez]

Sounds a bit complicated but I hope you manage this mess and trade in profit. I tend to use naked eye and concentrate exclusively on price action to eliminate redundant signals like ones that came from indicators.

You're right. I use daily and weekly charts, sometimes 4 hour. Intraday trading brings much risk. This is why 90% lose.

Oil dropping big now. I guess my next comment will be shoulda, woulda, coulda, but if I had an account to trade options, I would have bought put options after the first big down move day to hold for several weeks.

 

[4xis2ez]

Oil still dropping as expected.