For my previous post regarding USOil see link below:
I was looking for that last extension to finish and played the short set-up aggressively because of my overall view which I explained in the previous post. My stop loss is above the recent high and once (IF) we see a consolidation I will be looking to sell the continuation once more, after the bearish continuation I will move my stop loss to above the high of the consolidation (which has yet to start for a confirmation that the recent high really is a top). 4 hr chart below:
Updates will follow once the consolidation starts, my target is still 40 and maybe even a new low from here to test 20.
USOIL is continuing its move lower. We might see a more significant consolidation soon which will provide an opportunity to sell the continuation.
Comment
⋅
Comments
TomPower
⋅
Tim. It's been a roller-coaster but now we're at the bottom of the range so looking good for your short although I am actually long a little
TimStuyts
⋅
I had a quick look and I see it consolidating on daily which is not favorable for a potential move to 20 from here. However I can't spend a lot of time in the market at the moment but will be back trading, updating and posting as of next week. Safe trades.