Oil has taken a a more decisive turn. I focus on the 4H time frame review other time frames briefly.
My methodology is transparent and reproducible by everybody. I explain in this screen cast how I limit to what extent the market proves me wrong, but at the same time capitalise on when the market says I'm right in my probability estimates.
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Some people got demoralised by the sudden pump back up. I stayed with my wingman!
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Bailed out in good profits!!! 🤣🤗💰🤑 Greed is not the answer. Price may go much further south and the market is there to make me feels stupid. But I'm not stupid!! I take my money when the time is right. ✔🎶💖 Oil is a wild one! Also price is approaching a weekly ATR support level. I'm very happy with what I got!
Oil is a different animal, I've recently started looking at this and it makes some crazy moves.
Captain_Walker
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@ApexFX_Pro, Yeah!! 🤣Oil and Gold are very different animals because the 'animals' that affect their price are pretty complicated. There is firstly the standard 'greed' factor or fear factors. But I've noticed that the strength or impending strength of the US Dollar (index) is noticeable.
Oil and gold are very imperfectly correlated with the DJI (especially on time frames below 4H). In a sense these two are more 'random' than most other instruments we may trade.
The broad approach I use is:
1. If DJI goes south on 1D oil usually follows south.
2. If DJI goes south on 1D gold usually goes north.
But never expect either or both to do this in a smooth way. So my thinking is to take profits when they're good and don't go back in. Learned that lesson very painfully! 😒😎