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. 

DISCLAIMER

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

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.