tntsunrise
Short

USOIL Going to touch the 1.618 inverse ext

TVC:USOIL   Crude Oil (WTI)
10996 45 159
The Previous Oil             Short Idea
Stopped at 50.20
And now the price is 51.66,
if there is no Stop loss to protect our account
we may suffer more.

Right now I am waiting oil             to touch the 51.83-52.00
zone and looking for a short.
Use multiple time frame for a confirmation entry.
i.e. go to 5 min /15 min chart to check the price action.
if there is a bearish pin bar or bearish engulfing candle.
that will be ideal.
Comment:
snapshot
Comment:
snapshot

wait for the pull back to short
Comment:
snapshot
Comment: GAP UP. so dun short oil. watch the price action
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very nice jack
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thanks I will watch it
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Nice Jack
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very aggressive idea but with great explaination and comment in the chart. that will help a lot of people.
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very nice 52.20 is multiple fibo levels
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Although in smaller timeframes totally overbought, daily and bigger timeframes still got quite a lot of space. That crude will retrace eventually is fairly obvious, but bulls can hurt bears quite a lot. In the bigger picture even prices around 58 would not mean we are back in a bull market, I'd prever a long setup when the horizontal resist gets crumbled
+2 Reply
@lueley, great view
+1 Reply
@tntsunrise, Yes, but potential target? The structure changed now from last ABCD to 39/40$ or potentially 36$ to 61.8 Fibo?
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tntsunrise TOP morphinestyle
@morphinestyle, 44 then 36?
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@tntsunrise, I mean this: i see a missing C wave and a potential double top wich, projected, carry to 61.8 of fibo, do you agree? Or do you think it's a wrong view?
snapshot
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morphinestyle PRO morphinestyle
@tntsunrise Obvious that the B-end C-begin could also be perfectly the bottom in past August
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@lueley, correctional reaction to the level of $ 54 (annual maximum) should be
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Vladimir2016 Vladimir2016
@Vladimir2016, for WTI $ 52 (annual maximum)
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It is possible that it could breakout of resistance and rally furthur!
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tntsunrise TOP andersonarjoon
@andersonarjoon, yes it is possilbe. so watch the price action first. mark the 51.83 level, see how the market re-act at this level.
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It is possible that it will breakout from resistance and rally furthur though. But excellent analysis regardless...I will pass on this trade
+2 Reply
Thank Jack!
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Thanks for this great ideal :)
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In the German media it is said that oil is to reach the 60 mark by Christmas.
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@gestoert, YUP. in anywhere you can hear ppl say, oil is going to reach 60 or 80 or 100. my question is: how do u trade for this kind of sayings.
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gestoert tntsunrise
@tntsunrise, Hello Sir! From this level, US oil will rise to mark 60, I think.
The RSI 14 and the CCI 14 in the 30min chart and in the 60min chart are perfect for an upward movement. The stick last week is also highly bullish.
An upward trend is projected in the German public media.
The chart of US oil also says "I want to go up".
One can already consider a candle formation, but should not lose sight of the rest.
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gestoert tntsunrise
@tntsunrise, Your prognosis was right and mine was wrong. :O)
I congratulate you and continue to trust your intuition.
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please!!!!!!! say it is short time, i watch your idea and short the oil for a middle term, and hold it for the weekend. after come back from work, i see the weekly kandle bar is full of power. it is going up to $60!!!
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tntsunrise TOP wingskieliu
@wingskieliu, i said: check the price action at that level , see a pin bar or an engulfing candle then u decide whether u want to enter. did u check about the price action when oil hit 51.83? and I never say this trade is a short term trade. look at the time frame i use, it is obviously a swing trade which u need to hold for weeks.
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wingskieliu tntsunrise
@tntsunrise,
Sir, you are right! I am really sorry about this. I see how professional you are now. I wish to join your classes. Sorry for my rude comments before, and I will trust you and learn from you. Thank you so much
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dont post something against the trend and someone would follow your idea. I know your idea is right, but please, please say more, if the price closed below 50, think about short, if price closed at strong/full power, think about buy it.
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tntsunrise TOP wingskieliu
@wingskieliu, the truth is: the best opportunity is always at the turning point. it's ok to be against the trend when I know the current trend is about to finish.
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@Daniill, u are an artist! bravo
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hungvolai Daniill
@Daniill, I thought Wave (4) not supposed to be below (1).
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nice Plan!
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Dear Jack,
You are cool technician
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If today's close around 51.90, it could be good enter for short even weekly chart is so bullish.
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watsonzou26 watsonzou26
@watsonzou26, LOL Jack's chart is working, cool!
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I know you are a technical trader but you can't ignore basic fundamentals.
OPEC countries made a deal to cut oil production for the upcoming months. Basic knowledge says that if they cut production, price of oil wil go higher.
I personally see oil rally up to 60.00
But thats only my opinion.
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cpt000 Daniel.T
@Daniel.T, Basic fundamentals? EIA reports show builds, plus OPEC members cheat all the time. Also rigs in US have only been going UP, so more supply on market, offsetting OPEC "cuts". USD also on uptrend so making oil more expensive. Unless these correct, the fundamentals for oil are bearish.
+2 Reply
@Daniel.T, i am not ignore basic fundamental. coz the real fundamental which drive the market is something that public dun know. what is already know is the news. what is unknown is the expectaion. market will act base on the happend news. yes u can have ur opinion that oil may rally to 60. my question is:
how do u trade for this opinion? do u want to buy now? then where is ur Stop? where is ur entry?

So don't just say: i see oil rally up to 60. did u trade it? or u just see it? we , traders, are not guessing the market. we simply trade the market.

I dun need to know what will happen to drive the oil price, but i do know how do i trade with my idea.
+12 Reply
deepsky001 tntsunrise
@tntsunrise, Perfect response !
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this is not over yet!!
+1 Reply
thanks Jack:)
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Jack is a good man with a big heart!
+2 Reply
yes, i hold long until that level to short
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Hi Jack,

Really enjoy your trading suggestions and the explanations you provide - especially useful for someone still learning (coming from a more fundamental trading background).

Was wondering what your target area is for the current potential short? (the still waiting for 51.86 last post)
Best wishes.
Ed
+2 Reply
It is 54 now, are you still waiting for 39-42?
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