I can't reply via PM as I don't have a sub here. I don't use any real indicators anymore. I go purely on candlestick and resistances/support levels. I don't think $WTIC follows many indicators besides geo-politcal issues. I used to use a few indicators, but damn.. they're mostly useless in my opinion. I follow the volume.
I usually hold positions overnight, or a couple days, whichever fills first. I just set orders, and generally don't move them. I've had some nice success doing this the past 2 years.
My thing is, I trade at night when Asia and Europe open (8pm CST and 2am CST). A lot of times I fill orders with Asia when volume is low, then end up filling the cover/buy with US markets during the day. You can get a good idea of what's going to happen the next day trading overnight with US markets.
I've been shorting $WTIC (/CL) and $SPX futures (/ES) for the past month,and honestly I feel a couple more days of downward push. We may see a tiny bounce tomorrow for covering, but I think oil is going to $43 and $SPX futures to 2900.
As we know, this selling is mostly likely just long-term investment managers locking in everything for clients, mixed with mom-n-pops pulling out retirement savings.
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