NicholasAmato
Short

Crude Oil 61.8 Retrace

FX:USOIL   Crude Oil (WTI)
I think we just did a 5 wave move down and a 61.8% retrace. It is very hard to say here, but this is my first attempt at this trade. I am short and am holding. Please help me improve and profit, I want to get better. Thank you for your time
This is a problem with traders, sticking to only one time frame. If you look on larger time frames, you will see that OIL looks pretty bullish
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NicholasAmato vlad.adrian
2 years ago
I'd like to learn. Can you direct me to your chart and how arrive at a bullish opinion?
I view the 1 hour chart with ATR for stops. I use 5 minute chart with MA's and TTM Squeeze and Wave. I use Pivot points on 1 hr. 4 hour I assess trend. I also use 34 minute with 8+21 MA's and view the daily chart, but the daily looks bearish to me.
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vlad.adrian PRO NicholasAmato
2 years ago
OIL is ready for a bounce

Read the description and look at the weekly chart posted there. If you have questions, I'll p glad to help
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NicholasAmato vlad.adrian
2 years ago
Ok so my questions are: 1) we reject those "false bottoms" and put in a lower low. Confirmation of downtrend , correct? 2) We failed the MA and head lower. Confirmation of downtrend, correct? 3) This is a bounce of that lower low, but without a higher high how can we say "the bottom is in?"

I see the divergence, but usually I don't see a huge reversal until an extreme divergence. In this case, price has only marginally diverged to that lower low. I expect more downside
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NicholasAmato NicholasAmato
2 years ago
Also the /dx put in a new high, shouldn't oil put in a new low?
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