Whats good in the market?

burdianex

Junior member
19 0
Hi all,

While checking out my charts today looking for long term opportunities I've came across few interesting trades, which im actually in right now gotta love the last day of trading of the year icon smile Forums , Crude Oil was also speaking to me but for now I don't have enough data plus 1 or 2 cons and Im just not ready to execute the trade stress free whether spot or long term binaries. Sometimes the best strategy is to chill. icon sad Forums

Enough talking here's the chart:

hotornot.jpg


Interesting points:

1. Blue zone showing strong recent S/R level (Zone)

2. Bullish channeling showing no weakness (So far)

3. Fibonacci pattern AB=CD forming. unfortunately, I didn't draw the fibs as it will ruin the chart and make it hard to read but, the details are as follows: A at 85.75, B at 90.50, C at 87.94 and awaiting or should I say expecting D at target # 1: 92.54.

4. Finally a divergance shown by the RSI.

The cons:

1. Im a complete newbie in Crude Oil trading icon sad Forums I do trade Gold, Wheat etc.. for commodities but it's different) *Gotta walk out of my comfort zone that will be another asset in my pockets icon smile Forums

2. Although the RSI is showing divergance it is also showing that price recently came out of the 80% over bought area showing a decrease in momentum while the close on Friday was kinda consolidating and weak.. Not good!

3. It is one of the most important indicator IMO (No not the holy grail lol) the lack of market sentiment! no surprise it's monday Asia still asleep.. And the only reading I have so far is from investing.com some interesting points but nothing new- Link: Crude oil futures - Weekly outlook: December 31 - January 4 By Investing.com

Im in few long term trades spot and bins but I think Oil could be a good opportunity.
What I like when I look at a chart is to think over my head " Hot or Not?" It shouldn't take more than 2 minutes but, I'd to think for it about 5minutes (Too long!) As momentum is decreasing gonna chill a bit. A good way to play it safe might be breakout style? Im goona set an alert on my phone and as soon as the high (Friday's high) is broken I might consider playing with the trend..

Hope that the brokers are not reading this and out of no where you find that Crude Oil is unavailable in the asset list for whatever reasons ? Cos if the up trend continues Im gonna enter big time for sure lol. I have Crude Oil on my radar for binaries if S/R zone prove to be holding gonna make brokers mad.

Awaiting for more data-
 
 
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