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Futures Commentary

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Crude Oil Visual Trading Update

By:   Moshe Shalom
  • 2010-08-02
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Current Trading Plan:


Position: OUT
Last (03-02-2010) Closed position @ 77 (+$2.50)
Long: --
Short: --
Exit by Stop Loss: --


Technical Indicators Notes:


Last time we said: "You could switch the graphs between this commodity and GOLD and not feel the difference. This is telling you that the fundamentals have nothing to do with the latest action. Only the unwinding of the USD Carry did this and this was a brutal day for the longs. Our position was closed at breakeven but we know about the optimism that can kill you if you do not close risk quickly.

This is the only asset that we have positioned an entry for a LONG based on a rebound concept because we think that it is a small risk trade in any case, with a nice technical setup. The RSI-STOC combination is coming back from oversold and price is at a really important support. We know that resistance is much more important than support in a down move but we will try this one. "


Not enough data to set any thoughtful entry level. Look at the commentary for the currencies, GOLD and S&P500 for understanding our stance here.


Charts Legend:

In Price Window:

Simple Moving Average (20): Green
Bollinger Bands (20,2): Violet
Support & Resistance price areas: Pink and Light Green areas
Trend lines and Channel Boundaries: Blue
Elliott Waves Counts: Black and Blue numbers


In Indicators Part:
RSI (10): Blue, STOC(5,3,3): Green, ATR(5): Blue
MACD (12,26,9): Blue, Signal: Red, Histogram: Green
Indicator trend lines and effects: Magenta


Signals:


Long:  Above the Green line
Short: Below the Red line
Exit position: On crossing the Cyan line
SL in case of triggered level: Dashed Cyan Line


Green Wave Capital LTD (c) INFO@GreenWaveCap.com


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Content Provided by:
Moshe Shalom
CEO Green Wave Capital Inc, [Moshe.Shalom.GWC@Gmail.com] For the last 25, I have been involved in many of the aspects of the Financial Markets, while lately I concentrate on the implementation and education of Technical Analysis trading techniques, for private and coorporate clients.

Disclaimer:
By no means do any part of this analysis recommends, advocates or urges the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author and his company express personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results. The content of this analysis was created with the best known data at the time. The writer and his company are not responsible for the accuracy or completeness of the mentioned data. The writer is not a registered consultant of any kind and so the reader should not see any single part or the whole analysis as an advice for any kind of action in the financial markets.


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