WTI - Long Idea.

TVC:USOIL   CFDs on WTI Crude Oil
I took this trade:

- RSI Oversold
- MACD Divergence
- Price at a 4th support pivot
- Price at a support line
- Price forming a spinning top on 4H
- Bullish engulfing candle on the 1 Hour.
- Oil inventory numbers didn't move the
needle much? but where lower than

Let's see where this goes:
1% risk, 1.8:1 RR (keeping below the daily 200EMA)
-Happy Trading!
Trade closed manually: Trading OIL during a potential global CoronaVirus pandemic is not going to be easy. I may get out of this position and sit on my hands.
Comment: I closed this position...when every global transit provider is shunting their planes, trains, autos etc from China and other areas to avoid a global pandemic...that is something you simply can't have foreseen. Less global transit equals less demand on oil equals a lower price.

This is a great opportunity to discuss stops, risk management and just getting "out" of trades. There will always be another opportunity. Getting out...letting the dust settle and sitting on our hands is a powerful tool.
I moderate a community of traders, analyzing 24 +/- charts, highlighting areas of interest and probably trades.
Facebook: Black Door Capital


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