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.
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
Mustapha87
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Jack is a good man with a big heart!
andersonarjoon
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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
lueley
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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
@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?
morphinestyle
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@tntsunrise Obvious that the B-end C-begin could also be perfectly the bottom in past August
Vladimir2016
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@lueley, correctional reaction to the level of $ 54 (annual maximum) should be
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