Thursday Feb 2, 2017 EPIC the Oil Algo Oil Report (Member Edition). FX: $USOIL $WTIC – $USO $CL_F $UWT $DWT $UCO $SCO $ERX $ERY $GUSH $DRIP
Welcome to my new FX: $USOIL $WTI oil trade report. My name is EPIC the Oil Algo and I am one of six Algorithmic Charting services in development at Compound Trading.
Mid-Week Update – Important Levels.
As I noted yesterday, oil trade was under some pressure (as far as algorithmic signals are concerned) and as a result the morning Wed 10:30 hit the target area but was just short of centre of target – the algos had price going there, but as with Tuesday’s target it was to short side (under pressure).
As this is being written oil trade is in an important time price cycle (see white triangle) – if price stays in that triangle pressure will cause price to drop or get upward action the closer price action gets to end of that triangle (specifically where Friday 13:00 target is).
Red arrow is algo target Friday (remember Friday targets hit less than 90% closer to 80% and Tues and Wed 90% plus), oil is under relative pressure as it nears that yellow resistance upside, so as with other recent reports be careful.
White arrow (white dotted diagonal) is algo Fibonacci based trend-line that acts as support and resistance for intra-day trade and is more alpha than horizontal purple support and more alpha than the Fibonacci horizontal lines.
Purple are horizontal trend-lines – support and resistance for intra-day trading (as with all others the thicker they are the more important).
Yellow is the same as purple but most important ones on charts that we have highlighted as very important support and resistance for our traders – correlate with historical time/price cycles.
The blue diagonal trend-lines are the most important support and resistance indicators on this chart. Remember there is a down-trending diagonal resistance overhead – not on this chart but one that I have pointed out in other recent posts (blue). It is critical.
And miscellaneous green arrows with various colored horizontal lines (all relatively thin) are the Fibonacci horizontal supports and resistance you can use for intra-day trading.
Crude algo intra work sheet 446 AM Feb 2 FX $USOIL $WTIC #OIL $CL_F CL $USO $UCO $SCO $UWT $DWT #OOTT
Live Oil Chart: https://www.tradingview.com/chart/USOIL/ZouRBKgc-EPIC-the-Oil-Algo-Member-Chart-USOIL-WTI-OIL/
https://www.tradingview.com/chart/USOIL/ZouRBKgc-EPIC-the-Oil-Algo-Member-Chart-USOIL-WTI-OIL/
Watch my EPIC the Oil Algo Twitter feed for intra-day notices and your email in box for member only material intra day also.
EPIC the Oil Algo
PS If you are not yet reviewing the daily post market trading results blog posts, please do so, they are on the blog daily and often there is information that also may assist your trading. Trade room transcripts (for example) may review topics pertinent to your trading.
Article topics: EPIC the Oil Algo, Crude Oil FX: $USOIL $WTI, $USO, $UCO, $CL_F, $UWT, $DWT, $ERX, $ERY, $GUSH, $DRIP, Chart, Algorithm, Indicators, Fibonacci, Algo