Monday, May 20, 2013

Stalking oil

That’s what I’m looking at, when I’m looking for a possible entry

CL OV1 2017-05-20

We see a small daily, a large 60 Minute, a small 30 Minute and a large 5 Minute chart.

Ichimoku tells you at a glance where we are. Just ask yourself: Are we above or below the cloud.

The 5 Minute is down, the 30 Minute is about to break the cloud, the 60 Minute has broken the blue line, called Kinjun_Sen, but is still above a huge blue cloud, some 80 ticks away. The daily looks flatish.

The trendtrade on the 5 Minute is short, but it was a short around 96.10 and we are trading 40 ticks below, the 60 Minute might turn into a test of the cloud support, especially with the strong rising cloud seen at the time of the US premarket open.

Longer term trends take precedent, so instead of chasing I will place a long at 95.05. Maybe we get a spike down into the cloud.

Or I take the recross of the red line (called Tenkan_Sen) above the blue line (Kinjun_Sen) on the 5 Minute for a resumption of the longer term trend.