After trading as high as $73 a barrel, crude oil began to buckle under pressure as the CFTC began to look into position limits that can be held by traders.
In my new video you will see what has happened to crude oil in the last eight days. You'll will also see what I believe will be the area that crude oil will find support.
You can watch this video with my compliments and there is no registration requirements. I would love to get your feedback about this video on our blog.
All the best,
5 thoughts on “How low can crude oil go? (New Video)”
I'm not sure I get the point of this video. Are you suggesting that oil is a buy if the market shows signs of stabilizing at 59 (ish)? The trade triangles aren't suggesting that it is a buy at all - the Weekly and Daily Triangles are a sell.
For some reason the video link isen t working, but I ve a level of $57.55 (using log charts) to await a bounce
well it was just $ 30. last month
Another great video; I think you are the major reason why I am still trading as despite all the ups and downs, and there have been more downs, you show how simple it can be and that gives me hope that one day I will be able to put it all together on a consistent basis!
Anyway I would like to know how you would exit the crude oil trade, assuming you had taken the weekly signal; would you exit at the double top target of $59, put a tight stop,(say one day stop), when it gets to the target area or would you wait for a daily buy signal? I realise that exiting a trade will depend on one's trading style but I would be interested in your approach.
Just a final point, as I am writing to you I thought I would bring to your attention that the daily forex data often does not register, although on the hourly charts it does, which means that it is impossible to use the charts, this has been occurring for the last few weeks, I would be very grateful if you could solve the problem.
Thanks as always for a fantastic service.
Thank you for your comments I appreciate it.
On crude oil we use the weekly to determine the trend and a possible first entry point. We then use the daily to enter or exit the position when the trend is in place.
So to answer your question, if crude oil rallies above the previous three days we will cover our short position and stand aside. We would only reenter the market if crude oil makes a new three-day low.
As to your other question I would strongly recommend you call our tech support department at 1-800-538-7424 ext 104 and speak to Jeremy.
All the best,
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