Courtesy of Read the Ticker.
Crude oil has slumped on lack of world demand. If this slump is a continuation of the down trend and confirming cycle action then up swings are to be sold.
Let price fall further, watch for a weak bounce then review your trade options. Price falling from upper resistance is not a confirmation of a well supported demand story for higher prices, it is a story that the shorts have built up a position to take prices down.
Below is a chart showing off readtheticker.com Bartels cycle tools. Bartels is used to find the dominate cycle in a time series.
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NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net
Investing Quote…
..”I believe that the public wants to be led, to be instructed, to be told what to do. They want reassurance. They will always move en masse, a mob, a herd, a group, because people want the safety of human company. They are afraid to stand alone because they want to be safely included within the herd, not to be the lone calf standing on the desolate, dangerous, wolf-patrolled prairie of contrary opinion.”..
Jesse Livermore
..”The financial markets generally are unpredictable. So that one has to have different scenarios… The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.”..
George Soros
..”A market is the combined behavior of thousands of people responding to information, misinformation and whim”..
Kenneth Chang
Novice Traders trade 5 to 10 times too big. They are taking 5 to 10% risks on a trade they should be taking 1 to 2 percent risks.
Bruce Kovner
..”The first rule is not to lose. The second rule is not to forget the first rule”
Warren Buffett
