OIL has reached the 0.786 pull back This is a common behavior if the previous down fall is too quick.
Although the rally looks quite bullish but I will still consider it a retracement of the previous down trend. Watch the 53.31 Level, There are Bearish Price action from this level. Thus it is good to short oil and put SL above 55 and Aim for a big Fall
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working well
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Very Nice! Start Dropping! Again we identify the direction before the market move! Congratulations for those who short the oil
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First Target Hit! +280 pips Take some profit and let the rest run
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Now is 49.67 ,Did you enjoy the profit?
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Today is EIA, Remember to Take some profit of your short.
Why would you short oil when there's a huge geopolitical tension going on esp. toward this weekend? I would at least wait till next week to know the direction. Hasty.
forexSRB
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@tradenewbie, I agree with you. OPEC constantly decreasing production and wants to extend the period of production cuts. Also, current reports indicate that it reached an equilibrium between supply and demand on the market. In the event of any conflict oil can only increase the value. At this moment any technical indicators are no longer reliable. We saw this in the previous days with others pairs.
MassimoMattioli
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@forexSRB, yep agree that actually technical indicators are no reliable,,,actually oil is super manipulated but they just push up the price with no volume and with geopolitical excuse,,,and really there is NO war just chatting as usual,,,anyway i think before going up again it needs a good correction first,,,,
Thanks Jack,,!!
princymarket
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@MassimoMattioli, price doesn't need to move on volume. Even I with no more than a few hundred thousand $$ have able to make price of certain stocks with low share turnover ratio move how i want them to move with very tactically placed trades. It requires a bit of math and experience. Now imagine what algorithms that understand finance and compute math more than you or me (and even more scary, learn faster than us) can do with millions of dollars at their disposal. Unless you want to call superior tools to be manipulation, there is none. Manipulation of oil market via collusion is extremely difficult (not impossible though).
Cenotaph
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@MassimoMattioli, technicals are reliable, every move that the big players make you can read on the chart. There's no guess work here. Only fundamentals that are not factored in, like unexpected events (terrorism) can suddenly alter chart moves. Other than that, the chart is an open book.
tntsunrise
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@tradenewbie, Nice Question. But honestly I don't care. coz I am a trader , not a fundamental annalist. I only trade what I see
BrunoCarrascoLargher
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@tntsunrise, nice answer hahaha, Do you think it will drop-down till the 42 price?
Excellent work! Thank you for sharing! I have a question: How did you know the price will get to fibbo 0.385? Is that kind of rule that after 0.786 is usually coming to 0.385?
Then do you expect retracement to 0.681 before going lower?
Swerver
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@KubaElias, There are no rules to FIBS just experience
Is Divergence present near suggested reversal FIB?, can be a very good indicator.
Or take a look at previous structure and see ehat FIB levels wree tested.
Some or more meaningful for reversals 886 and 113 and 1618 EXT.
Some charts like GOLD respect FIB areas more than certain currency pairs.
Again all is just experience.