Tag: support level

Crude Oil Slips Ahead Of Doha Meeting

Posted on by The INO.com Team

Crude Oil (NYMEX:CL.K16.E) is falling for the 3rd straight day and is currently trading near session lows. But why the sudden drop you may be asking.

OPEC producers are due to gather in Doha on Sunday, to discuss whether to freeze oil production output at January's levels. Oil is dipping this morning as hopes of a deal between oil producers has faded. Hopes had been that OPEC would agree to freeze output, but it seems that Iran has other plans. Iran has already stated that it won't agree or adhere to a production freeze as it looks to boost its production. Reason being that sanctions on its oil sales were just lifted in January.

As you can imagine the other OPEC producers are desperate to make a deal and to raise the price of oil. After all, low crude prices have cost them billions of dollars so far.

If you take a look at the chart, you can see that the Trade Triangles entered into a sidelines position today. This is based on the red daily Trade Triangle that triggered at $40.09 this morning.

Daily MarketClub Chart of Crude Oil (NYMEX:CL.K16.E)

Key Levels To Watch:

1. 38.07 - The 50-day moving average provides the key level of support at 38.07. If this level is breached, oil could drop to $30 a barrel.

2. 35.24 - The weekly Trade Triangle will change to red if oil breaks through this level. This would confirm a move to the downside and further weakness.

3. 42.16 - The daily Trade Triangle will change to green if oil breaks through this level. This would confirm a move to the upside and further strength.

As we head into the weekend, I think that the sidelines positions indicated by the Trade Triangles is the best place to be based on the uncertainty of the outcome of the Doha meeting.

Have a great weekend!

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

Trade with a Plan – Setting Your Limits

Posted on by The INO.com Team

If you follow our blog, then you are definitely familiar with trader Larry Levin, President of Trading Advantage LLC. We have gotten such a great response from some of his past posts that he has agreed to share one more of his favorite trading tips as a special treat to our viewers. Determining the direction of the market can be tricky and just plain confusing at times, but Larry’s expert opinion keeps it simple and straight-to-the-point.

If you like this article, Larry’s also agreed to give you free access to his award winning book.

Today he’s going to talk about how setting your limits can help you avoid sabotaging yourself.

I think trading with a specific plan is one of the most sensible things a trader can do. It helps you learn and identify key areas to watch for in a market. More importantly, it helps you avoid sabotaging yourself because it helps keep your emotions in check. One of the key components of a trading plan is knowing your exits. One way to close an open trading position is with a limit order.

Limit orders target a specific price level – they won't be filled unless the market trades there

Limit orders are pretty straightforward once you get the hang of them. They are contingency orders. The market has to trade at a specified price level before it is even possible for the order to get filled. Even then, there is no guarantee that it will get filled. Continue reading "Trade with a Plan – Setting Your Limits" →

How the open can make or break your day

Posted on by The INO.com Team

If you follow our blog, then you are definitely familiar with trader Larry Levin, President of Trading Advantage LLC. We have gotten such a great response from some of his past posts that he has agreed to share one more of his favorite trading tips as a special treat to our viewers. Determining the direction of the market can be tricky and just plain confusing at times, but Larry’s expert opinion keeps it simple and straight-to-the-point.

If you like this article, Larry’s also agreed to give you free access to his award winning book.

Today he’s going to talk about how the open of the market can make or break your trading day.

The open for any trading session can set the tone for the day’s trade. Barring any major fundamentals, it can signal whether or not traders are going to be primarily bearish or bullish, or neutral and cautious. The start of the day can set the stage for your own trades as well. Starting off with a winning trade or having the market move in your favor at the beginning of the day gives you a confidence level that can propel you to an extremely successful trading day. Having a negative tone or having the market move against your analysis and any open positions will probably color your judgment for the rest of the day. Continue reading "How the open can make or break your day" →

How the Open Can Make or Break Your Day

Posted on by The INO.com Team

If you follow our blog, then you are definitely familiar with trader Larry Levin, President of Trading Advantage LLC. We have gotten such a great response from some of his past posts that he has agreed to share one more of his favorite trading tips as a special treat to our viewers. Determining the direction of the market can be tricky and just plain confusing at times, but Larry’s expert opinion keeps it simple and straight-to-the-point.

If you like this article, Larry’s also agreed to give you free access to one of his top trading secrets.

Today he’s going to talk about how the open of the market can make or break your trading day. Continue reading "How the Open Can Make or Break Your Day" →

Getting Technical To Find Potential Trades

Posted on by The INO.com Team

If you follow our blog, then you are definitely familiar with trader Larry Levin, President of Trading Advantage LLC. We have gotten such a great response from some of his past posts that he has agreed to share one more of his favorite trading tips as a special treat to our viewers. Determining the direction of the market can be tricky and just plain confusing at times, but Larry’s expert opinion keeps it simple and straight-to-the-point. If you like this article, Larry’s also agreed to give you free access to one of his top trading secrets.

Today he's going to talk about using technical indicators to find potential trading opportunities.

If you know your way around a price chart (Tip#5) then you are ready to learn a little more about technical analysis. This kind of analysis is defined as an attempt to try to forecast price movements based on patterns observed in price changes on charts, or other changes that are not rooted in fundamental observations. Continue reading "Getting Technical To Find Potential Trades" →