Hello All,
Its been a whirlwind month for oil and I have not made great calls lately. One thing I have realized is I wasn’t factoring big picture. I am holding a significant position in sco and have averaged down. I also recently hedged with uco and am buying my time. So here is MY confirmation that I am seeing the big picture and trends more balanced than before.
1. wti is in a bull movement OVERALL
2. I have recognized 3 bullish patterns for a short term, mid term, and long term view. I went back to beginning of the year. Don’t trade against the trend.
3. Geopolitics are favoring and winning out despite many operators hedging. Saudi and Russia are working to keep oil above 50/bbl. One could argue the reasons, but it is what it is and is noteworthy in my opinion.
4. Markets are doing very well, it cant afford laggards. *Arguing if there is a crash next year is a whole different can of worms ;). Market wanted 52 before 48, I was saying it but didn’t trade that way…Lesson learned.
5. Depending on the time frame you will see different scenarios. In analyzing the 1H, 4H, and 1D charts all offer more bullish sentiment than bearish.
6. Producers hedging is a tell, it has been several times, but especially in q4.
7. Don’t trade against the trend. Its bullish till mid 55’s most likely (80/20 odds in favor).
8. I see overlaps of bullish patterns over last 3 months….. don’t trade against the trend.
I have made more shorting oil than longing oil but a great trader makes money trading both ways. Right now Unfortunately I am sitting on an avg of 33.77 for sco @ 80% allocation and 18.15 pps for uco @ 20%. I still have 20% cash on the sideline. My plan is to let uco run its course and and use some fibs to get a better handle on next entry to add to my position.
GLTA & do your HW this is just one guys opinion and I have not been hitting my mark last 3 weeks.
Fyi AMD is back to its old ways and I may just cut my losses for the rinse and repeat action of AMD!
Its been a whirlwind month for oil and I have not made great calls lately. One thing I have realized is I wasn’t factoring big picture. I am holding a significant position in sco and have averaged down. I also recently hedged with uco and am buying my time. So here is MY confirmation that I am seeing the big picture and trends more balanced than before.
1. wti is in a bull movement OVERALL
2. I have recognized 3 bullish patterns for a short term, mid term, and long term view. I went back to beginning of the year. Don’t trade against the trend.
3. Geopolitics are favoring and winning out despite many operators hedging. Saudi and Russia are working to keep oil above 50/bbl. One could argue the reasons, but it is what it is and is noteworthy in my opinion.
4. Markets are doing very well, it cant afford laggards. *Arguing if there is a crash next year is a whole different can of worms ;). Market wanted 52 before 48, I was saying it but didn’t trade that way…Lesson learned.
5. Depending on the time frame you will see different scenarios. In analyzing the 1H, 4H, and 1D charts all offer more bullish sentiment than bearish.
6. Producers hedging is a tell, it has been several times, but especially in q4.
7. Don’t trade against the trend. Its bullish till mid 55’s most likely (80/20 odds in favor).
8. I see overlaps of bullish patterns over last 3 months….. don’t trade against the trend.
I have made more shorting oil than longing oil but a great trader makes money trading both ways. Right now Unfortunately I am sitting on an avg of 33.77 for sco @ 80% allocation and 18.15 pps for uco @ 20%. I still have 20% cash on the sideline. My plan is to let uco run its course and and use some fibs to get a better handle on next entry to add to my position.
GLTA & do your HW this is just one guys opinion and I have not been hitting my mark last 3 weeks.
Fyi AMD is back to its old ways and I may just cut my losses for the rinse and repeat action of AMD!