tntsunrise
Short

USOIL Going to touch the 1.618 inverse ext

TVC:USOIL   Crude Oil (WTI)
11000 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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It is 54 now, are you still waiting for 39-42?
Reply
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
yes, i hold long until that level to short
Reply
Jack is a good man with a big heart!
+2 Reply
thanks Jack:)
Reply
this is not over yet!!
+1 Reply
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.
Reply
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 !
Reply
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