Goldtent TA Paradise

DWTI 60 Back Test

1. Tim says:

   June 30, 2015 - 1:41 pm at 1:41 pm

   I drew an upwards channel around oil’s price action today and waited for the channel to be broken before buying DWTI. So far it’s saved me from another bad trade. I’m getting smarter at this, but it’s hard. I wanted to buy DWTI early morning when it was 67.30 and I just knew it was going to take off but I made myself wait because it’s not a reversal until it breaks the channel. It jumped up to 68 something but stopped short of breaking down further when it got to the edge of the channel.

   At $59.30 WTI reaches the top of the 2014 downward channel (bottom was around $57.90). I’d expect a reversal there, or just slightly above unless the market all of a sudden gets bullish and wants to breakout.

   I think all the gains this morning in WTI are merely a small trading range movement. I need to pay more attention to the indicators. The Stochastic in particular seems to give hints as to where things are going or how strong the current trend is.

2. EagleSeagle says:

   June 30, 2015 - 2:35 pm at 2:35 pm

   So much for that trend line…Indicators are very important.