Buy on Dips. WTI

[Zhong Lu + 845]

Really obvious chart pattern.  I probably jumped in a day or two too early (impatience is my problem) but I have money to add. Looking @ 51-52 range for WTI to accumulate.  Stop loss is 48ish. 

This is I think one of the most obvious trades out there.   The chart is blatant.  Note the double bottom and bounce from support @ 50, which has been around for years.  

Edited February 21, 2020 by Zhong Lu

[Zhong Lu + 845]

Today is the dip. Buying more.  This is a serious medium term position. Not one of my dinky day trades.  Might buy even more if it continues dropping.

 

EDIT:  INO looks like it'll do well.  Should cancel out losses tomorrow on UCO and small positions in S&P.  Getting out of S&P for now.  Bought INO almost as a hedge. LOL.  

Edited February 24, 2020 by Zhong Lu

[Douglas Buckland + 6,308]

I tend to buy on onion dip, but can be persuaded to buy on sour cream and chives. Just depends on how I feel on the day....

(Sorry Zhong, your title had me laughing so couldn’t resist!😂)

[Zhong Lu + 845]

Might be right, Douglas. Out.  I said my stop is 48, but f- it.  Instincts. Out.  This corona virus thing is not over.  

[Zhong Lu + 845]

What really annoys me (and the decision to exit) is the renewed selling in the afternoon after the gap down.  That's weakness.  This "retrace" retraced more then it should have.  

[Zhong Lu + 845]

Ok, signs of life. Back in.  51-52 range = good.  Anything below = me nervous, and me nervous generally means me sell.

EDIT: Strong signs of dip buying now.  We're closing green, at least for the pit trading day. LOL. So back into original position, and added more, which was the original plan.  

 

I.e. late afternoon trading confirmed that there ARE big dip buyers that can move the market and that I'm not the only one dip buying while everyone else is selling.  Oooooo.  

Edited February 24, 2020 by Zhong Lu

[Zhong Lu + 845]

"Constant test of support is not a good sign."

Deeply unhappy. Rest of S&P is still tanking.  No bounce at all.  We're still technically fine but patterns everywhere is fraying at edges.  Just out.

[Zhong Lu + 845]

Oo la la.  What a wonderful place the hills are.  Beautiful hills. Lovely hills.  Great scenery.  Hills.  Good place to be.  

Took a small loss on this- even for the year.  Happy. Got out in time.  They'll be plenty of opportunities to swing  big bucks when commodities finally turn around.  Until then: 

HILLS.  

Edited February 26, 2020 by Zhong Lu