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Outlook on Gasoline?

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Hi chaps,

I hope you had a wonderful 2018.

Where do you guys think the gasoline price will head? On the chart, it looks like a beautiful downtrend. However, I entered the trade today only to find the price moved up against me. I'm new in energies. Any thought on the causations behind gasoline price movement and any outlook on its future direction?

 

Thanks!

50695958_Screenshot2018-12-31at16_26_35.thumb.png.83036449b2cb9f76388ddad7174c91cf.png

 

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@TrendFollower

Hi,

Thanks for your thought.

I made devotion of shorting RB because I saw a gap down on Sunday, thought there might be a downward pressure to that movement. Other energies were at this lukewarm zone where price starts to rise a bit and consolidate.

im new to energies, I don’t know if the fundamentals like oil reserves and demand  would support a further downward movement.

i have to admit that I did not follow my trading plan for that trade. I don’t have a trading plan for energies. I thought they are a different market than forex. Still exploring what works the best for commodities trading.

what about you? Do you trade on trend or intraday?

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@PipEvangelist I have just been reading this thread and I would say that it is most important to not only have a trading plan, but to also know that your plan can carry from market to market. A good plan based on sound TA should be able to be used across different markets and so when you do move across, why deviate from your plan. Just by looking at your daily chart that you submitted, each historical down gap or up gap was followed by some movement in the opposite direction immediately in most cases. Had you been watching this market carefully, you would have no doubt shorted it a bit closer to the previous massive gap down rather than the very last tiddler gap down. After such an extensive downward movement, it appears to be crying out for a retrace of some sort or another as @TrendFollower points out, but also, it may happen, it may not, who knows. The odds are a lot higher of this happening, the longer the trend continues down. I am new to this as well but it is important not to rush into a riskier trade. There will always be another trade waiting round the corner.

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