USOIL. Using a bullish momentum

FX:USOIL   Crude Oil (WTI)
151 2 10
After a huge bearish trend which took days to develop, looks like yesterday we entered into a short-term bullish momentum.

If confirmed, it should be completed between today and next Tuesday. Will open a long position at 40.31 which is a 50% Fibo retrace from yesterday´s movement. TP: 44.50, SL: 39.50.

This movement was a part of my longer term EW setup. Therefore, if this bullish movement happens, I will post this long term trading setup.
Trade active: Advancing well. Looking to add long at the nesrest dip
Trade active: All longs to breakeven. Growing USD has never been good for commodities
Comment: It is quite clear now that the bullish impulse we´ve lived since a couple of days ago is not a definitive reversal on oil.

W1 and W3 are zig-zags, therefore it is a correction. Will try to post a longer term movement on a weekend. For now, I keep my only left long at breakeven.

Will add long only if I see a sharp movement up
Trade closed: target reached: Target reached but the movement wasn´t a clear 1-2-3-4-5 movement, there were plenty of zizags which mean a correction rather than a start of a new trend.

Still expect oil a little higher, then one more leg down

Oil breaking the bullish flag. Expecting a retrace and then will go long
i like
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out