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Crude Oil Trading Strategy | Technical Analysis & Guidance

Share this:A Quick Article With Charting for my Oil Trading Strategies for the Week. Continued sell-off last week

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A Quick Article With Charting for my Oil Trading Strategies for the Week.

Continued sell-off last week seen oil trade below the multi – week uptrend and trade dropped below support on the weekly wedge chart that I have been sharing.

I wouldn’t be surprised at this point to see a bounce in price, however, the weekly wedge support now becomes resistance. If price breaches the previous support (now resistance) then trades should be ready for a retest of previous support before possible higher.

crude, oil, weekly, chart

Continued sell-off last week seen oil trade below the multi – week uptrend and trade dropped below support on the weekly wedge chart that I have been sharing.

On the monthly oil chart, price ended the week near the 200 MA support within range of recent monthly candles. Watch the support area.

crude, oil, monthly, chart

On the monthly oil chart, price ended the week near the 200 MA support within range of recent monthly candles. Watch the support area.

On the one minute crude oil chart in late trade Friday there were wild price swings (some reporting sweepers, specifically in $XOP). This could be an attempt to a floor in price by a hedge fund or other large money pool.

crude, oil, sweepers

On the one minute crude oil chart in late trade Friday there were wild price swings (some reporting sweepers, specifically in $XOP).

On the daily chart price ended the week right above the 200 MA and above the primary pivot marked on the chart. The MACD is nearing a bottom to FYI.

crude, oil, daily, chart

On the daily chart price ended the week right above the 200 MA and above the primary pivot marked on the chart.

On the 4 hour crude oil chart we are using as a test model for trimming and adding to positions trade ended near resistance. This is an untested non back tested chart.

crude, oil, chart, support, resistance

On the 4 hour crude oil chart we are using as a test model for trimming and adding to positions trade ended near resistance.

On the weekly pivot charting trade was working near support as with other charts.

crude, oil, pivot, charting

On the weekly pivot charting trade was working near support as with other charts.

Bottom line, the EPIC Crude Oil Algorithm continues to reward those that take long positions at support (channel support and quad support) and short at resistance areas of the algorithmic trading model. This will be my focus and I know the machine trading tech(s) will be focused primarily to those areas of trade also.

Until there is a bounce, retrace and confirmed reversal the bias is short at resistance. The opposite will be true when a reversal is confirmed. 

“Bottom line, the EPIC Crude Oil Algorithm continues to reward…”

crude, oil, algorithm

Bottom line, the EPIC Oil Algorithm continues to reward those that take long positions at support

The machine trade crude oil alert from last week was perfect to the penny at an intra-day top – I would expect the machine trading alerts to increase in intensity this week.

crude, oil, trade, alert

Machine trade in oil top tick hit perfect 67.62 to penny HOD, trimmed added numerous all win side and closed 90% 66.83. Nice trade.

I’ll be in the oil trading room most of the week as I expect a big week in oil trade with the test areas in play.

Follow this link for a detailed description of my longer term crude oil trading strategy review at this post.

Increase Your Crude Oil Trading With These Tools.

  • There is a link below to our oil trading academy page that has a number of links to articles on our site,.
  • You can book private online trade coaching via Skype.
  • Join our live trading room.
  • Sign on to our oil trading alert feed subscription, (alerts are on a private member Twitter feed).
  • Sign on to our weekly algorithm reporting that provides the algorithm model, conventional charting, guidance for the week etc.
  • Attend a trading boot camp (in person or online).
  • Request via email the videos of our most recent trading boot camp or the master class series videos (both sets are approximately 20 hours each). They are available only by email request at this time by emailing info@compoundtrading.com. Soon they will be posted to our shop on website.

Thanks

Curt

Any questions let me know!

Further Reading to Help You Trade Oil:

Find more posts like this one on our Oil Trading Academy Page – links to numerous oil trade strategy reports.

Welcome to NYMEX WTI Light Sweet Crude Oil Futures.

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One-on-One Trade Coaching (Via Skype or in person).

Click here to find all information and pricing on Oil Newsletter, Trading Chat Room, Oil Alerts and more.

Curtis Melonopoly (@curtmelonopoly) is rated Top 250 Stock exchanges authority, covering also Mathematical finance and Economy of the United States

Article Topics: Crude, Oil, Trading, Strategy, Technical, Analysis, Alerts, Trading Room, USOIL, WTI, CL_F, USO

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