Even though the chart explains itself, here is a quick explanation.
I'm long in oil since 23-06 and have added once at 21-07 (see yellow stars) and currently have a 1.2% position. I think this uptrend can continue at least until the level where oil has seen a top 4 times before. Price has expanded range on 25-07 from the 6 day mode (cyan line marked "6 day mode (2)). Price might retrace to 50% or 75% of this expansion. The 75% retracement level corresponds with a large 11 week mode (yellow line), where price has found resistance twice before. This price might now act as support, and I will add 0.8% to my position here.
If price closes below the 11 week mode I will sell my position.
I'm long in oil since 23-06 and have added once at 21-07 (see yellow stars) and currently have a 1.2% position. I think this uptrend can continue at least until the level where oil has seen a top 4 times before. Price has expanded range on 25-07 from the 6 day mode (cyan line marked "6 day mode (2)). Price might retrace to 50% or 75% of this expansion. The 75% retracement level corresponds with a large 11 week mode (yellow line), where price has found resistance twice before. This price might now act as support, and I will add 0.8% to my position here.
If price closes below the 11 week mode I will sell my position.
Comment:
No retracement yet. Waiting on the sideline to add.
Comment:
I added 0.35% here. It looks like there is a mode forming at $48.21. I added a few cents below it.
Comment:
Added 0.6% at the 11 weekly mode. Retracement as expected now complete. Took a bit longer than I expected though.