Crude Oil traders have found it impossible to call a bottom (reversal) in the sharp decline in Crude Oil prices.
Admittedly I’ve fallen victim to trying to call that elusive bottom in this strong collapsing market but so far it’s not been the case that oil has bounced for anything but a small retracement against the ongoing tide of selling pressure.
The first thing we learn when we study technical analysis is how important it is to start with the trend and study it.
Trends – once established – have greater odds of continuing than of reversing.
That’s core principle #1 and Oil continues to show why trends – even on short timeframes – are important places from which to build trading strategies. Continue Reading…