gspajon
Order Flow Class
Posts: 152
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Oil
Oct 8, 2015 0:20:45 GMT
Post by gspajon on Oct 8, 2015 0:20:45 GMT
Hello all...I am looking at another opportunity on Oil. In this screen shot you will see a clear area of balance that I have been tracking now for several weeks. The balance area is best seen on the weekly chart here. As you can see it went on for 5 weeks and has just broken today. The daily chart shows the break and has now closed on a daily basis for the last two days. I have set a pending order for a long entry and now waiting for a retest. This position is an add in position, as I was long from the bottom of this balance zone and have been for many weeks. I believe that there is a potential for at least another 1,000 pips on this trade back up into the last weekly balance zone area.
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Oil
Oct 8, 2015 12:46:52 GMT
Post by TheGMan on Oct 8, 2015 12:46:52 GMT
Yes it seems commodities are on the rise again lately, good eye! GL!
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gspajon
Order Flow Class
Posts: 152
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Oil
Oct 8, 2015 12:49:32 GMT
Post by gspajon on Oct 8, 2015 12:49:32 GMT
Where there is contraction, there must also follow expansion.
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gspajon
Order Flow Class
Posts: 152
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Oil
Oct 9, 2015 12:35:10 GMT
Post by gspajon on Oct 9, 2015 12:35:10 GMT
Update on Oil: Today on Friday, we have risen up completely out of the oil balance zone. I have decided to lock in some pips on the first trade. IF oil this market does what I anticipate I will be stopped out with about 360 pips and have the opportunity to re enter. However if oil continues to rise, I will simply continue to trail my stop up at what seem logical points and capture as much as possible before the next retrace.
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gspajon
Order Flow Class
Posts: 152
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Oil
Oct 12, 2015 13:05:38 GMT
Post by gspajon on Oct 12, 2015 13:05:38 GMT
Update on long: price appears to be stalling and may be getting ready to retrace back into the last balance zone. On my previous update I felt I had moved my stop up prematurely, and have returned it back to its original position. I am thinking that this may be the start of a long liquidation move and want to add in if we get a retrace. My intent is to use the Weekly Chart to manage this trade and as such this will take some patience to watch things unfold.
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gspajon
Order Flow Class
Posts: 152
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Oil
Oct 13, 2015 12:18:52 GMT
Post by gspajon on Oct 13, 2015 12:18:52 GMT
Oil is now retracing as expected yesterday, but so far has come up a bit short and not yet triggered any of my pending positions. I doubt this pull back is over quite yet, but so far its looking like a near miss.
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gspajon
Order Flow Class
Posts: 152
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Oil
Oct 13, 2015 20:10:58 GMT
Post by gspajon on Oct 13, 2015 20:10:58 GMT
Frustrating... Price did come down to my order but didn't trigger due to the spread...
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gspajon
Order Flow Class
Posts: 152
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Oil
Oct 14, 2015 18:43:53 GMT
Post by gspajon on Oct 14, 2015 18:43:53 GMT
2nd 1/2 of this position did finally trigger bringing my aggregate entry to right in the middle of the balance zone. I have left the stop alone for the time being and will look at it later over the next couple of days.
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gspajon
Order Flow Class
Posts: 152
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Oil
Oct 15, 2015 22:38:22 GMT
Post by gspajon on Oct 15, 2015 22:38:22 GMT
Update on Oil. Today marked the first time in 5 days that prices closed above the previous day's high. Good news for me as I can now move my stop up to BE. The hope now is that we do not get the FU stop before prices move higher.
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gspajon
Order Flow Class
Posts: 152
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Oil
Oct 19, 2015 13:03:51 GMT
Post by gspajon on Oct 19, 2015 13:03:51 GMT
Not "feelin' the love" on Oil. Fortunately the trade is break even, so is no longer at risk. The daily chart is trying to balance, which I consider a good thing, as it indicates a potential change in order flow from selling to buying...so we'll just have to wait and see.
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gspajon
Order Flow Class
Posts: 152
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Oil
Oct 20, 2015 17:57:28 GMT
Post by gspajon on Oct 20, 2015 17:57:28 GMT
Stopped out on Oil at BE...scratch...but better than a loss
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