Day 236: Oil Catastrophe

Profit: -$219.46 Total: $677.03

Oil’s huge drop over the past couple days is cringe worthy and hard to watch. As a trader, I can’t imagine the faces on the oil bulls. Oil hit $36, which is a 7 year low, but managed to bounce back a bit. Although price managed to bounce, I can’t imagine those who are confident enough to go long anytime soon. Two things to avoid right now is Oil and Chipotle.

I managed to save back some of my capital, but it’s still standing at a rough loss. Ever since last week where EUR/USD had a rally, I took a big hit from panic trading and unfortunately, the market hasn’t been the same. I miss the days where Dollar was strong and markets were scalpable. Price action has been very choppy lately with no sense of direction. Dollar is still falling behind and failing to find the power it once had. To finish the year on a safer note, I’m going to change my strategy to scalp quicker and faster. I’ll be aiming for multiple trades for about 10 pips and hopefully bring my capital back up.

Can technicals save Oil?… Doesn’t look too bright.

Screen Shot 2015-12-08 at 6.03.46 PM

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