I expect some pullback a the strong psycholevel 45.000 We see price bouncing from EMA 200 at the 0.61 fib retracement. Risk is low some pips above last highs. Regards.
Comments
ReachMy7Goal
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What do you experts think has Oil turned South now? Or to early to tell? If yes, what would be the next target?
moneymaking
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Hey mate, I'm not really an expert but just by looking simple raw price action, I see no reason not be long on oil. Keep in mind that I am talking about a long term type trade, like more than 2 to 3 years. I am continuing to add to my oil long positions on any type of retracements that we get. Seeing the market fail to close below the monthly long term respected trend line, is a huge clue to a high probability move to the upside. The buyers are definitely present and they are quiet strong as well.
moneymaking
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Hey mate, just keeping on buying all the retracements, it will pay off in the long run (like 2 - 3 years). I'm long on oil for very long term, currently it is testing 50 ma on daily and we might see a deep retracement before going higher than $50 level. I won't be surprised to see oil back above $100 level in the coming years. All the BEST :)
FullTimeTrader
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Yes, right now it seems oil has bottomed. This one didnt work but luckily im short on USDCAD and GBPCAD. We can never be so sure because according to EW there is a possibility on more leg down on oil, so we must be always keep our minds opened to alternate scenarios.
moneymaking
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Yeah, you are absolutely correct, open minded in the best way to go with oil :)
IvanLabrie
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Nice, I shorted it at 45.415. 100% agreed. BE stop now, my stop was 46.91.
FullTimeTrader
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Great if you have your SL to BE, i will do the same as soon as possible because it seems the price has bottomed.
IvanLabrie
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It's not doing anything for now, but it's a potentially dangerous scenario if this ends up being a larger impulse. If it works, hey, free $! :D