Replies to post #7055 on VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[Ryantacular]

"we can all agree that true positive moves don't go backwards"

That's something that clay always says(and is true), and I believe he said in his last video.

So here's what yesterdays video would have said, "Well the bulls did it again. Higher lows. Didn't go backwards. Broke through resistances again."

I personally use WTI charts, as UWTI is correlated to it for the most part, and because I don't have platform access here at work, and the free chart/tool from http://www.livecharts.co.uk/MarketCharts/crude.php doesn't offer UWTI. But. 54-55 dollar range wti is the resistance right now.

So today we will see if "we can all agree that true positive moves don't go backwards" holds true again.

[trdwatch]

Just go back to his last chart. The one resistance he didn't mention was at 3.10 and that'll still be there but the supports are still in play. A couple of big plays coming out today, crude inventories and Fed. minutes - G.L.

[future1]

mypenneys- take one of Clays charts and watch how he uses the candles (the 30 minute time frames) to draw his resistance and support lines. Multiple candles ending in the same area is a good reference. Then you can just extend his trend lines in the direction they have been drawn. As the price continues up (or down) the next line drawn connecting candles will come into play. It will either be support (if moving down) or resistance if moving up. Breaking those lines in either direction and closing for the day, means you have to look for a continuation in that direction.
Those support and resistance lines will correlate to daily bounces and pull backs which of course would be daily buy and sell signals if you trade that way.
If the move goes above the trend line you can continue to ride with a trailing stop that moves along with the up trend. More often than not your trailing stop will get taken out with the size of the movements this stock (ETN) makes.
Don't be afraid to try and draw your own chart. It doesn't take long since you do the same things over and over again. News simply speeds up any movement in a given direction.