I actually have a long bias on Oil. With Crude Oil Inventories announced tomorrow I think we should see a move one way or the other.
Forexian
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@JoelWarby, Thanks for your comment, Yes currently it's very bullish, but the idea is for a longer term, you can check how it was bullish at the end of Sep. 18 and what happened next.
JoelWarby
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@aariapoor, "Sold @ 57.25 SL: BE TP: 50.25"
Are you still holding those shorts then?!
Forexian
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@JoelWarby, "SL: BE" -> It closed with BE, I have a sell stop at 57.75 and a sell limit at 59.30, but may change them according future pattern ;)
JoelWarby
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@aariapoor, I can see quite a bit of consolidation and wick action at the current price which could suggest some selling to maybe retest the Daily Key Level I have marked... I think the safest way to trade this would be to wait for the retest and then if the level is rejected, you can safely go long or if the level is broken, you can safely go short and target 55.00 region. Be careful though because this wick action / consolidation could be due to lower volumes at the end of the trading day and nearly the end trading week.
Remember to always respect the primary trend, you will ALWAYS make more money trading in this direction than trying to call tops and bottoms. Keep your bias in the direction of the trend unless price action gives you real reason to change direction. For example if Oil does break this Key level to the downside then you can safely assume that the next price action is going to be range bound... if then the next key level is broken then you can actually say the primary trend has turned bearish.