I have a subscription which tipped me to the "Dark Cloud Cover" formation in the USO it is a bearish reversal pattern. I proceed to input the chart and sure enough the great warning of a down move was there right before my eyes. That was with oil at 67.xx. Sunday Night. The Dollar had supposedly put in it's bottom and the high yield currencies their respective top as far as the technicians were concerned.
So much for the ancient Japanese art of candlestick divination. I don't care what formation or resistance line or how many boats have oil ready for a cash exchange. You get a Goldman Rec on both the Euro and Oil itself with this glass half-full and you are going to see sparks fly.
There is an excess of Oil but it is condition that will not last but may become an excuse for some type of correction. So short term in fact that the EIA is expected to show a draw that is mostly what the 4PM rip through 70 had behind it. Does that mean that the news is out so it is safe to sell. Not really. the ball has been placed on the tee if the EIA confirms tomorrow we buy and ride because there seems to be no end in sight for the freefall of the greenback. If things work conversely we see a significant pullback. I don't expect a non-event either way.
Oil re-opened on the overnight drifted down to 70.43 climbed up to 70.9x and settle right between the blues at 70.75 where it sits now at 10:53. You had one chance to get in tonight
and I have not thus far. by tomorrow we should be here or higher anticpating this event
buy or sell depending on the outcome should be quite a show
Today I can take the first stop out I had stayed in the trenches and that was only my second stop of the day It is part of the program how I re-entered an order at 70.35 is beyond even myself. It does not pay to get emotional I worked very very hard for the $2000- I was ahead
and did not like throwing $470 down the garbage shoot so fast I believ my head is just about to stop spinning now.
We tried to buy and stop so we would have a pot shot at a good number on the EIA
if we can't get a trade and remove risk we will playing on the news at 9.
A free shot could work on either side members as I was explaining to one trader who was long last night while I was short -CL had moved in between us allowing both of us to stop protect
So his free shot would have paid off as we all awoke to the angry smoke from the nose of the
bull.
and drop an email chrgr06@yahoo.com to schedule
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