slow burn up in crude

Crude Oil fantastically broke up yesterday. It shattered a 1 month ceiling and crossed up and above the 200 days SMA.

I’m long on crude, with a stop loss just below 60 dollars and sell limit order at 62.34.

Let’s look at the one month chart.  Screen Shot 2019-07-11 at 9.47.23 AM

as you can see the chart above Crude is at 1 month high and uncertainty between 55 and 60 is gone (i personally lost about 3 round trip trades and was stopped out..total loss about 120 ticks. But the big losses was kept at bay by keeping tight stop losses)

I am really tempted to increase my stop loss in this trade currently. Entered at 60.38 and because of this ‘Slow burn up’ in the below chart, i feel the next near term rally has started

Screen Shot 2019-07-11 at 9.47.56 AM

You see in the chart above for 7 days the movement has been sideways (forming a good support at 56.50 ), and then up. Why did i not enter at 57.00??  Two reasons – one, Stopped out 3 times. Two, the resistance of 60.00 was just too close.

So the stock market is up and sustained up. EURUSD went up 100 pips. Gold is up. Crude is up.

from the charts, by all counts (4 and counting), a near term rally has begun.

i am NQU19 long, CLU19 long, Long TQQQ. Gold – GCQ19 i’m waiting for 1425 to be taken out (I already have buy limit orders on it).

I have already taken 80 points profit on NQ. Reentered on an automatic buy limit order on Charles Schwab at 7959. Stop loss at 7910.

Happy travel trading!

 

 

Weekly review of the stock market, for the week ending Friday, March 29th 2019

wow travelers and traders, wow. what a 1st calendar year quarter it has been!

Major stock indexes closed out the first quarter with good gains Friday, capping a strong quarter that saw the Nasdaq composite rise 16.5%. The S&P rose 13.1% in the first quarter, its best quarterly performance since the third quarter of 2009. (source : IBD)

IBD says this “While the market remains under pressure and investors must remain cautious, the market showed some improvement the past few days. Indexes closed near the week’s highs, and some buying is reappearing.”

That is a good sign!

Back in October 9th 2018 NASDAQ closed at 7738. The next day, 10/10/2018, which was a Wednesday, the floor fell of and NASDAQ dropped 316 points and then it fell 1550 points till December 24th 2018 !

last friday the market closed at 7730. So we are right there. Now at this current time about 2 am EST, the futures are up 76 points or little more than 1 %. It appears we are going to start off the week with a bang!

Screen Shot 2019-03-30 at 8.00.22 AM

last week from the above table industrials, materials and Consumer discretionary have taken a lead. which is good because the participation is very broad in this market rally!

Look at the table below for 3 months sectors performance

Screen Shot 2019-04-01 at 11.18.34 AM

everything except financials are closing at the top in the first quarter of 2019!

the information technology sector is on the tear. IBD’s enterprise software group rallied 31% in Q1, easily outperforming the major stock indexes

iShares Expanded Tech-Software Sector ETF (IGV)n grew by 30 %. TQQQ triple NASDAQ-100 grew by 72%.

I’m planning on getting back into the market on the first day of trading this week.