Maybe I'm wrong, but I think the crude oil is more bullish than it seems and we'll see new highs soon. Your fork is likely to be working for a while.
Tr8dingN3rd
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Jep, i'm 100% with you - this is also my "opinion"...
...and her's the trap i try to avoid:
I have to trade the "framework", the "system", not my opinion, because i don't know anything of the future.
In this case one rule of the forks framework say: "Price has a high probability to reach the next A/R (Fork-) Line."
Adding the Charts fact, like the low close of the last bar, and the failure to reach the CL. , i have some "confirmation", that the rule could be valid agian this time.
But her's my personal rule Nr. 1 : I don't know...
Have a sunny day ForceFollower and thanks for your comment, which i allways appreciate.
Emilio
ForceFollower
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Sure, Emilio, a good point: follow your rules, not your views.
As for the crude oil, currently I find West Texas Intermediate stronger than Brent. I also think it's still worth buying, as much as silver (XAGUSD).
Tr8dingN3rd
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I have two differnt views on this:
a) buying now (low) is good, or even a must for the longterm investor
b) for "Traders"...where would one put the stop, what's the strategy behind? Just for daytrading, i would wait for a sign to the upside.
Or, you could play it with options, like a risk/reversal or such.
All depends on your overall strategy...it's so different like the cakes in a bakery...the only common thing that all cakes have are the calories we have to burn with sweat and exercise §8-))