The previous Oil analysis gave us a trade from the 75ish down towards the 65/66 and for the daredevils even to the current prices at 63. Now i expect the downward move is probably coming to an end now. Based on this fractal but also common sense, made a huge drop already so we should see some short covering soon (shorts taking profit). This drop has been a bit more violent than the 2010/2009 drop and this time we also have a weekly close at the low. To be honest, i did not expect that it would drop this fast again from the 66ish to the 62 ish.
To play it safe, it's best to wait for a green candle now, but actually waiting for a daily reversal candle. I personally zoom in on lower time frames and try to catch the reversal at the low. But that is something i will safe for my members :) Please don't complain about that like many have done, because it's still free and it has been for 5 months already
When missing the first wave up, don't chase it because quite certain there will be a second chance. After huge drops like this, the market usually tests the support at least twice.
Please don't forget to like if you appreciate this :)
Previous analysis:
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We caught today’s low perfectly and the first batch of the long position is already. So far so good, but the real daily reversal needs a break of 64ish today. So still not certain that the low is already set, but we have a start
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Yesterday we saw a big rally where i caught the low/members with my members. The reversal was almost set because the 63.5/64 got broken, but we got a huge dump very quickly as well. On top of that, Mr Trump opened his mouth and the price took an ever bigger hit. video.foxbusiness.com/v/5857878249001/
Anyway, the price dropped to the support zone again and we just moved above the 63 turning point level again. As long as we stay above this level, we could see another attempt to rally upwards. So chances are still here that the fractal has already started.
Can you please do more of these commodity and equities plays?
botje11
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@yousufj56, I have my cloning machine almost ready, if it's done i can clone a few more Botje11 so we can do even more :) Just kidding, i have been shifting my attention a bit more to the other markets since crypto has been quite useless lately. It might change again soon though
MrRenev
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Take care with Oil it will rip your face appart if you're not careful and try trading it like the rest :D
botje11
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@MrRenev, LOL :), i have been trading for 20 years, i know the difference between all the different market assets. But thanks for warning me
MrRenev
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@botje11, Oh ok. Just quit wasting time on crypto, every thing is correlated anyway, and market is full of bagholders that hold onto their bags and neither buy or sell zzz
If you want likes, just post a random chart with an arrow pointing up on crypto :D
Would love to see more posts about commodities stocks and indices <3
botje11
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@MrRenev, LOL :), i know that i will get more likes with arrows and rocket ships and using 50 indicators and tools i never even heard of in my life. Unfortunately, the inexperienced trader has no clue, but it works for the views and likes.
Honestly, most of my viewers and followers are with me for crypto, they just don't like the other markets. But they are slowly shifting with me though, towards the traditional markets :)
majorlee
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biggest fall in crude for a while man, thought we'd see $100 by xmas, maybe $52 instead? :D
botje11
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@majorlee, Oil moves allot to destroy traders on the short term, think long term might still be up. Depends on the coming week i think.