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Peterw · 11-07-2011, 11:18 AM

I'm looking for a potential breakout to the upside on WTI - (50% retracement of recent downmove + neckline of a reverse head & shoulders pattern + round number $95), if this breaks it could go some way up:

Brent - Knocking at the top trendline of the downWard channel however it's looking lIke a bullish flag pattern of the longer term up move - weekly chart:

The daily chart shows it's also at a 50% retracement of the recent downmove which lines up with the downward trendline - if this gives way to the upside it could go quite a way:

*THIS IS NOT A RECOMMENDATION TO TRADE/INVEST ANY REAL MONEY - THIS IS FOR DISCUSSION ONLY*

Peterw · 11-07-2011, 01:35 PM

Brent just shot up about $2 which I missed so I bought WTI which seems to be lagging behind it. Both of them going great guns now.

Bought some gold as well

SnerpGoodWord · 11-07-2011, 03:55 PM

Good luck. I don't see much in a macro sense to make me bullish on crude (either WTI or Brent) but it's showing undeniable strength against the rest of the risk-on complex so that's something - you at least know someone's wrong. In this case I think I'd be inclined to bet with bonds (and to some degree stocks) and against oil - so if I had to trade crude on a longer time frame I think I'd be on the opposite side.

Just for giggles I'll put in my paper trade short USO at 33.66.

Peterw · 11-07-2011, 07:32 PM

Quote:

Originally Posted by SnerpGoodWord

Good luck. I don't see much in a macro sense to make me bullish on crude (either WTI or Brent) but it's showing undeniable strength against the rest of the risk-on complex so that's something - you at least know someone's wrong. In this case I think I'd be inclined to bet with bonds (and to some degree stocks) and against oil - so if I had to trade crude on a longer time frame I think I'd be on the opposite side.

Just for giggles I'll put in my paper trade short USO at 33.66.

I don't have USO but I'll watch on on yahoo finance

I can't make any sense of any fundamentals at the moment - the whole world's gone mad!

Peterw · 11-08-2011, 08:35 AM

Brent and WTI seem to be off to the races. I'm looking for around $100 on WTI, maybe a bit below ($99.50ish).

Gold I closed out at just below $1800 but went long again today looking for >$1800 and beyond

11-07-2011, 11:18 AM	#1 (permalink)
Peterw Senior Member Join Date: May 2011 Posts: 440	Anyone follow/trade crude oil? I'm looking for a potential breakout to the upside on WTI - (50% retracement of recent downmove + neckline of a reverse head & shoulders pattern + round number $95), if this breaks it could go some way up: Brent - Knocking at the top trendline of the downWard channel however it's looking lIke a bullish flag pattern of the longer term up move - weekly chart: The daily chart shows it's also at a 50% retracement of the recent downmove which lines up with the downward trendline - if this gives way to the upside it could go quite a way: *THIS IS NOT A RECOMMENDATION TO TRADE/INVEST ANY REAL MONEY - THIS IS FOR DISCUSSION ONLY*

11-07-2011, 03:55 PM	#3 (permalink)
SnerpGoodWord Family Member Join Date: Feb 2010 Posts: 1,519	Good luck. I don't see much in a macro sense to make me bullish on crude (either WTI or Brent) but it's showing undeniable strength against the rest of the risk-on complex so that's something - you at least know someone's wrong. In this case I think I'd be inclined to bet with bonds (and to some degree stocks) and against oil - so if I had to trade crude on a longer time frame I think I'd be on the opposite side. Just for giggles I'll put in my paper trade short USO at 33.66. Last edited by SnerpGoodWord; 11-07-2011 at 03:57 PM.

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11-07-2011, 01:35 PM	#2 (permalink)
Peterw Senior Member Join Date: May 2011 Posts: 440	Brent just shot up about $2 which I missed so I bought WTI which seems to be lagging behind it. Both of them going great guns now. Bought some gold as well

11-08-2011, 08:35 AM	#5 (permalink)
Peterw Senior Member Join Date: May 2011 Posts: 440	Brent and WTI seem to be off to the races. I'm looking for around $100 on WTI, maybe a bit below ($99.50ish). Gold I closed out at just below $1800 but went long again today looking for >$1800 and beyond

Personal Development for Smart PeopleTM Forums

Personal Development for Smart People^TM Forums