Whats good in the market?

burdianex

Trader
May 10, 2013
21
0
12
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:



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: http://www.investing.com/news/commodities-news/crude-oil-futures---weekly-outlook:-december-31---january-4-242475

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-
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
Got to admit the chart is indeed small..moving on, have always opted to stay away from crude though I do trade metals sometimes..
And the reason for staying away from crude, it is volatile unless of course there's a strong global cue pointing to the trend..
 

Easy Trader

Master Trader
Sep 17, 2011
240
4
59
I've been watching this area for awhile now also. I agree with your analysis. Keep up the good work!
 

michael77

Trader
Aug 5, 2013
89
0
17
Well, this is good analysis of the chart and thanks for sharing and yah, i also agree with Enivid that the chart is too small to understand. It supposed to be bigger so that we would get clear idea between what chat is indicating and your analysis.
 

arvind123

Trader
Oct 1, 2013
5
0
12
Got to admit the chart is indeed small..moving on, have always opted to stay away from crude though I do trade metals sometimes..
And the reason for staying away from crude, it is volatile unless of course there's a strong global cue pointing to the trend.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
Metals, oh yes, always a good idea to give it a shot, have opened orders in both gold and silver though have to say that sliver is always a bit more volatile..
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
13
32
Canada
Metals, oh yes, always a good idea to give it a shot, have opened orders in both gold and silver though have to say that sliver is always a bit more volatile..
I actually prefer trading silver or gold to be honest.