Dec-15-2024 - OIL Update (Are We Still Going Higher?)

Summary:

Trading success demands perseverance and the ability to learn from setbacks.

Highlights:

💪 A trader’s mindset is crucial for Adaptability/Perseverance.

📉 Many traders learn from tough experiences rather than formal education.

🔄 The oil market has shown recent volatility in a channel but is trending bullish.

🔍 Key resistance levels in oil are critical for potential gains.

🚀 A geopolitical event could trigger a significant oil price squeeze.

📊 Consistent analysis leads to better trading decisions.

⏳ Patience is essential in waiting for the right market openings.

Key Insights:

💡 Perseverance/Fortitude is Key: Traders who are willing to endure and learn from losses often achieve long-term success. This mindset is vital, as the market can be unforgiving.

📚 Experience Over Education: Many successful traders come from backgrounds of hard knocks, implying that real-world experience often outweighs formal training in trading.

📈 Current Oil Trends: The oil market has been range-bound but shows bullish potential, particularly if key levels are breached. This highlights the importance of monitoring market trends closely.

🔒 Resistance Levels: The L pivot at 72.90 is a significant resistance level for oil; breaking this could lead to further upward momentum.

🌍 Geopolitical Factors: Current geopolitical tensions could lead to sudden price movements in oil, suggesting that traders should stay alert for news that may impact the market.

📊 Analysis Matters: Continuous and detailed market analysis can lead to better trading outcomes, as consistent patterns and setups can be identified.

⏳ Patience in Trading: Just as a fighter waits for the right moment, traders need to exercise patience, waiting for optimal setups before making their moves.

Twitter: @ThePivotKing
Subscribe: youtube.com/c/ThePivotKing?sub_confir...
Vimeo: https://vimeo.com/thebesttraders
Website: https://www.TheBesTTraders.com