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Diamondback Energy Stock Technical Analysis | $FANG Price Prediction
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Is Diamondback Energy a good time to go long? We are looking at Diamondback Energy using Fibonacci Analysis for a swing trade.
Diamondback Energy stock has been trading to the upside with a series of higher highs and higher lows.
In today's video we will discuss a pocket of potential support we may use for more upside.
This stock is part with the energy sector. With Crude Oil still going strong, this may be a good candidate to go long.
Timestamp
0:00 Intro
0:15 Setting up Symmetry Support
0:29 Setting up Fibonacci Retracements
0:34 Plan the Moves Ahead
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This is the Centered Trading Channel. We trade US stocks, stock Options, and stockcurrencies. Each day we look at the S&P500, Nasdaq, Dow, and the Russell2000. We focus primarily on Technical Analysis, Trading Strategy, Trading Psychology, and Position Sizing.
I am a student of Fibonacci Analysis and the 3 Price Relationship as taught by Carolyn Boroden (Fibonacci Queen).
Centered Trading has a few key components in our approach.
- Composure
- Clarity
- Commitment
Trading with Composure means that I must first prepare my mind before I turn on the computer. This looks like meditation, positive affirmations, stretching, exercise, proper nutrition, breathing exercises, & listening to calming music. I must have a deep understanding that all feelings of certainty is an illusion. I must look at the markets with a probability mindset. Trading with composure is to be able to have the mindfulness to examine my current emotional states (fear, anger, revenge, shame, euphoria - all these emotions can override and take me off course). I look at the markets with a sense of wonder and curiosity.
Trading with Clarity means that I must have a trading methodology in place. The methodology must be clear, concise, and followed. I must be clear about the position sizing as I'm not trying to force myself into profits or make the markets to move in a certain way. All desires/feelings of control is an illusion.
Trading with Commitment means that I must follow through on my trading plan. I either take a small loss with the trade, ratchet up the stops as the trade goes into my favor, or take profits at appointed profit extensions.
Peter Borish - “Price Before Headlines. Discipline Before Vision. Price Before Sentiment.”
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#OccidentalPetroleum #FANG #TechnicalAnalysis #Energy #CrudeOil #XLE
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