USOIL: What Trump Did. Or Did The Chart Already Know? +329 Pips

Just so you know what this post is about, if you have followed me for any amount of time, you know that I am a Technical Analyst and I believe that the chart tells you all you need to know. Its only a matter of if you are able to interpret the signals it is giving correctly. There are so many examples of this that backs up this theory that its hard to say its not true. Yes, I will say its just a theory but in trading, no method is 100% correct. To be a fact, it would need to be so.

In any case, what I am showing you here is that much before anyone knew for sure that Trump would withdraw from the Iran Deal, the chart was already indicating VERY CLEARLY that prices were about to go up! In fact, I issued a BUY call on 5/3....4 days before Trump made his announcement. No, I did not have any special knowledge that Trump was about to withdraw. On 5/3, everyone was still just guessing whether he would or would not. I based my BUY call on the pattern that was forming on the chart and also that I had already identified that Oil was in an ending diagonal. And knowing what I know about how ending diagonals unfold, it was frankly rather EASY to see that this was headed higher.

And so, what you see here is that we are now up +329 pips and looking for more...possibly MUCH, MUCH MORE!!! As you can see on my chart, I'm targeting $76. But it could easily reach $80 as the USA summer driving season is right around the corner and seasonally, Oil prices rise during this time anyway. Now with the possibility of re-imposed US sanctions on Iran on the way, this could cause a sudden shortage in the World-wide oil supply just at the same time this seasonality occurs. A confluence of factors! But as I said, the chart already indicates higher prices to come!

Here's what you could've earned on this trade so far:

329 x $0.10 = $32.90
If you traded 10 barrels per trade, then you would be up $329.00
If you traded 100 barrel lot as I do, then you would be up $3290.00

Anyway, I'm not advocating you trade Oil but if you do, you know the profit potential! But of course, if you don't know what you are doing, losses also can mount very quickly!

See my signature below for more info.