Jump to content
Sign in to follow this  

Oil trading within it Fib

Recommended Posts

So here I drew fibs from the lows back in Jan 16 and pulled it through to the relatively recent highs of October 2018 - when if you remember we had significant pumps throughout the energy sector pushing oil far higher than it should have gone. The recent pull back was a relief for that mean reversion, however since the lows at the beginning of the year oil has seen a solid rise. The old saying "buy when there is blood on the streets" was certainly true at that time.

Here i'm using the split chart view, both the weekly and then a 5 minute. Not that I trade on a 5 minute candle, but I like to keep an eye on movements throughout the day. I also wanted to bring the 'news' section up again as I find it very useful. This is at the bottom of all charts.

As for a trade going forwards. I'm not so sure. Probably would look to take a little profit here then keep an eye on the fundamentals and news and make sure the next trade is on after a direction has been confirmed.

531006504_2019-04-0411_15_42-IGTradingPlatform_SpreadBetting.thumb.png.903caa65749a63008565e5278af43402.png

  • Like 1

Share this post


Link to post

Also worth pointing out that being quite the traditionalist oil is also a fan of round numbers. See pic.

image.thumb.png.b54f15cc60baa6cb72ed6ba784ce9d79.png

 

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      11,524
    • Total Posts
      58,689
    • Total Members
      77,710
    Newest Member
    InterMed
    Joined 13/07/20 12:00
  • Posts

    • FIRST MINISTER OF WALES MARK DRAKEFORD SAYS FACE COVERINGS WILL BE MANDATORY ON PUBLIC TRANSPORT IN THE NATION FROM 27 JULY - SKYNEWS
    • March;  Deputy Chief Medical officer Jenny Harries says masks are 'not a good idea' https://t.co/YnTijZGT5b   April;  Deputy Chief Medical Officer Jonathan Van Tam says 'We don't recommend face masks' https://t.co/UWf6hrcYYM   A few weeks ago;  Chief Medical Officer Chris Whitty says 'Don't wear masks' https://t.co/TYGWe4tbch   Today;  'more-mask-measures-coming-in-days' https://order-order.com/2020/07/13/more-mask-measures-coming-in-days/
    • Read an interesting article on Yahoo finance which showed the majority of gains in the Nasdaq is down to the big 6 tech firms and without them there would have been no gain in the Nasdaq since 2016 and the majority of movement is down to the price of 6 companies. It would appear, in the search for dividend and profit everyone has opted to buy Amazon, Facebook, Apple, Alphabet, Microsoft and Netflix, as a herd reaction. No one has stopped to question whether they are over-bought at all, or if they may have questioned that premise, the thought would have been quickly cast asunder in the wake of evidence to the contrary (prices of the big 6 only bulldozing up). This may have lead to a false narrative, where we may consider everything is rosy in the garden of equities and everything  will all be alright soon, as long as the big 6 keep on growing, even if much other evidence suggests the contrary. Which it is. From employment to housing arrears, from relationships with allies and perceived foes to actual communal transmission of Covid 19. From stratospheric  Fed and govt debt to trade imbalance, from irrational exuberance to actually facing reality now. Instead of relentless optimism, relentless realism.  It would appear we are in for another week of exuberance. The sun is shining, people are out enjoying themselves and one could be forgiven for thinking the crisis is over and we can all go back to doing exactly what we were doing before this inconvenience struck. Reassessment can be inconvenient too. No one likes to be wrong, (though we often are). Least of all the Potus, who's principle motivation may not be the well being and good health of his people, more the well being of the economy, more specifically the price of equity. He encourages more exuberance even when evidence may suggest otherwise.  It is earnings season for equities, the reports, many of  which would make grim reading in more sober times, will be ignored for even the merest hint that the future will be brighter or it wont get any worse, from a reaction to Remdesivir (which appears to improve more than it harms, improves 9 harms 3...a litigation lawyers dream) to any glimmer of positive data.  Then one looks at the price of Tesla and realise the equity markets really have gone potty. Look at Tesla's numbers and its price makes no sense at all. Herd irrational exuberance in a nutshell. VW and Toyota p/e  far less than 10, now look at Tesla and you know its share price is on steroids and anything else the doctor will prescribe.  I recently drove to the New Forest to visit a good friend. It is normally a patience sapping experience, but left on Friday 7 pm and arrived at 9;10 pm in record breaking totally unbelievable 2 hours 10 minutes. In July. Normally, it takes at least 3 hours. Roads are still quiet. Which leads me to question again the premise of a "V" shaped recovery  and consider whether those that suggested a "V" shaped recovery actually have very poor hand writing and their version of a V more closely resembles a flattish tick or even a very sloppy W. I digress, the point being there has to come a time when the US has to take off its rose tinted glasses and see the reality of Now for what it is, rather than wishing it all away for a brighter tomorrow. Might not happen this week as equities push higher but you can't escape it forever. Can you?  
×
×