seine
Short

OIL - ready to breakdown

NYMEX:CL1!   Light Crude Oil Futures
666 30 5
You can use DWTI             for ETF traders.
what a ride in a day!
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38-39?
CL1!, reaching for 38-39?
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CoreyInvesFB jangseohee
im thinkung if it breaks under 43. We could be looking at 38 - 39 definitely watching closely
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seine CoreyInvesFB
yeah some traders may be watching 43 for a double bottom. if it does not hold, they will sell out their longs and increase selling pressure.
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This is incredibly bearish right now...
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seine IvanLabrie
Ivan you are very much right. my momentum indicator is blowing off on the downside. i am heavily short. i don't think the support will hold.
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One last leg down, going for maximum pain...for both longs and shorts soon.
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seine IvanLabrie
wait for shorts? why?
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After such a brutal downtrend, I'm skeptical of keeping a short position without trailing stops. Even less opening a new short.
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IvanLabrie PRO IvanLabrie
Short term, sure, but won't be long lived.
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seine IvanLabrie
oh yeah. of course. nothing last forever.
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Intense divergence in multiple timeframes...watch these levels closely.

snapshot
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IvanLabrie PRO IvanLabrie
You could sell the retracement tomorrow and cover at the recent lows partially, then trail stops for a risk free short.
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seine IvanLabrie
there might not be much retracement.
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I like to place a 50% retrace order and a sell stop under the low in these type of situation.
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seine IvanLabrie
but definitely trailing the stop
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seine IvanLabrie
sometimes in strong momentum play, retracement does not come. if it does, i would add to the short
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I like to be prepared...I split order size to match my 2.5% risk per trade and voila. :)
I'm short cadjpy, which is basically crude, so good luck to us both.
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seine IvanLabrie
haha nice....i ahve been short oil for a week. if it break below 43, we are riding the horse.
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I got the short when market opened :) looking for another oportunity to get in there. Really hpoing we go under 43 :)
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CoreyInvesFB CoreyInvesFB
Right now its looking like it may go up to 45 over the next hours maybe up to 47 over the next few days... we will have to waitt and see how this plays out
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seine CoreyInvesFB
NIce. I don't see much retracement coming.
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Higher than 46 would be incredibly difficult...
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seine IvanLabrie
At the end of the day, anything can happen.
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Anything can happen, but we need invalidation levels, and multiple if-then-else structures to trade.
One of mine here would be, a break above 46.64 would get me out, and wait while price heads back to 50.
I believe David Alcindor talked about this a few times, referring to it as a game theory based approach.
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seine IvanLabrie
i like your approach. that is how it should be. what i meant was that we should be ready for anything. if then is the right way to think.
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CoreyInvesFB IvanLabrie
I do believe your approach sounds good. Its good to have discussions like these and learn from each other
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IvanLabrie PRO CoreyInvesFB
Tradingview can be really useful...I've learned a lot here, specially from Tim West.
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flirting with 43-44 at the moment
snapshot
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both indicator going to meet up with Trendline support at MACD & RSI?
snapshot
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