On the Second Bounce?

Posted on Feb 5 2015 - 9:48am by Sharpe Trade

Crude oil prices have been all the hub-ub as of late with their dramatic fall in price … and everyone from their brother to their uncle has been trying to predict when oil prices will rise.  Since September of 2014, I’ve been hearing calls for Oil prices to rise, and the ‘bottom is in’.

Only now … literally this morning, would I consider Crude Oil worth a look on the long side.

Notice I did not say that I am buying Crude Oil on the long side.

It’s simply worth a look.  That’s all.

Only this far into the game, on this sort of bounce on a daily chart, I will continue to look at it for the next several hours to three trading sessions.

And then I evaluate it.

My point in these articles on crude oil direction?

Is patience.

Far too often I see ones excited and enthused to ‘call the bottom’, and get a ‘prediction’ correct that they don’t pause long enough to even see if the price has stopped dropping on a five day time-frame.  It’s taken five months to even get to this point.

Patience.

The hall-mark of good trading.

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