16 Oct Daily Take
Daily take on WTI crude oil
It’s Monday October 16th, 2017 and this is my daily take on the WTI crude oil market. I will keep these post short and to the point. The purpose of these posts is for me to set up my bias for the day and look for signals to start taking positions.
Click here for my disclaimer. It basically says that I am on my path to becoming a trader and these are just my opinions on how to approach learning to trade. Feel free to check it out and comment on it.
Here it goes…
This is the 4‑hourly chart where we can see price action has gone over the ‘mean’ of the historical data again. Meaning it has over-extended in my opinion. I believe there’s a chance we’ll go back to the 50.20 mark. Now it’s about looking for a reversal signal on the shorter time frames to see if we are going to short this today.
On the 30-minute we can see that price is consolidating and waiting for a breakout. I believe we are going to see a downside play in the oil markets but who knows. One thing I know for sure and that’s anything can happen with oil.
A closer look
This is the 5‑minute chart. I believe that if we can break the green support line I will start taking short positions and covering them along the way down.
Thank you for following my progress. If there’s anything you’d like to know or talk about please feel free to leave a comment or contact me by email.