tntsunrise
Short

USOIL NEXT TARGET IS 43.55

FX:USOIL   Crude Oil (WTI)
5849 60 109
USOIL             NEXT TARGET
43.55
Today oil             breaks the previous high of
42.40

So the next level i am going to watch
will be the 200% ext : 43.55
Watch for the price action at this level.
Comment: 43.55 HIT NOW WATCH FOR THE PRICE ACTION
Trade active:
snapshot

43.55 broken and retested.
Comment:
snapshot

break trend line
Comment:
snapshot
Comment: Entered at 43.83 now is 12.56
+130 pips
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Let sell from here. Speculation will end soon)
Reply
Room722 ender.genom
Not so soon) Watch 47.20, good luck!
+1 Reply
OK) Thanks for opinion. I will analize once more
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Room722 ender.genom
Sorry, the price action has changed, and now my opinion is to sell any upside correction till at least 40$ (38.2 % Fibo).
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Good actions today. hanks for opinion anyway. Cruid oil will see next week) I`m in play buy USDCAD. Open orders
GBP Sell 88 points
NZD Sell 90 points
XAU Sell 1600 points (hard decision to hold)
CAD Buy 128 points
Reply
Given the current situation. This may go high and not anywhere dowm. Expecting MMe to get out and then it will drop.
+2 Reply
olepederk PRO vikuvarshu
I would also advice against trading on this idea. Take a look yourselves at the weekly MACD and see the bullish divergence if you draw a line on it from the 2015 bottom past the 2016 bottom. Meanwhile the price action went hard down. I would also add. the fact that weekly MACD is just about to cross 0, which could get ugly for bears. I was very Bear until 2 days ago when price suddenly broke up through 200EMA, which it hasnt done since July 2014.
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You are staying consistently bearish on oil. I am curious about why you think so. Is it based on fundamentals?
Thanks
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Doha fly away. stoppage in Kuwait ends. What else can stop encreasing oil? after us storage news what help it grow?)
+1 Reply
mshuaibi ender.genom
Its called squeezing the shorts out
+1 Reply
ender.genom mshuaibi
Mexico plant on fire... that wonder week
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Crude is like gold and silver, it Doesn't work on Demand And Supply. been saying it for last 3 months, its going towards $60
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therami fortuneteller
What does it work on if not supply and demand?
Reply
only on politics
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Still unclear on the basis for your short position on this. I may be wrong. Overall trend the last few weeks had been very bullish on oil and just wanted to understand the thesis for your shorg position
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tntsunrise TOP vikuvarshu
think this : when oil is at 26.60, weekly trend is bearish, but i entered long. why the bearish trend did not continue?
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Jack, have you entered short? its at 44 now
+1 Reply
tntsunrise TOP Kanwar1997
not yet. i need see price close below 43.55
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Kanwar1997 tntsunrise
thanks bro
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He said watch the price action and 44 is a wee bit out from 43.55
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Jack of all trades. LOL .
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He never told to short crude. He just posted an idea watch price action and if that shows some kind of reversal then only wait for his tgt.
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Shorted at 44.1, same targets down there.
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Jack
isn't the new June contract price already 44.24 ?
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Very nice.
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Hi Jack,

Cl is @ June Contract. Price @ 43.86. What do you think?
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superb jack
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Watching )))
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Hi Jack . Oil breaks the previous high of 43.55. Are you going to watch will be the 261.8% ext : 48.96?
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Watch also AUDUSD
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very risky to short oil till mid/end May. Small and clear SL must be used. It could go up even till end July. With few smaller corrections.
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A trade plan is not valued by risky or not. the risk is controlled by the lot size and stop distance.
+1 Reply
Will you consider to short if closed below 43.91?
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I need to see price close below 43.55
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uperth tntsunrise
Oil moves higher, what would be the next target. When you say need price to close, do you mean daily chart?
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uperth tntsunrise
OK we are at 44.34 now,... how much higher can it go?
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snapshot


UKOIL hit a 0.382 of long term channel. In 2015 it was a major support throughout whole year. Now it could be a reversal point current 3month upward trend.
Does it make sense Jack?
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How can angle this ?, pm me thi chart please, good work :D
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Hi Jack.
if you to see price close over 43.55. Have you entered short?
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https://www.tradingview.com/u/TRADE12.COM/#published-charts
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your length of wave 3 seems to be wrong
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fmahmud9001 tntsunrise
what do you think about this wave?

snapshot
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tntsunrise TOP fmahmud9001
this one is good
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Thanks did you set SL ?
Reply
above the high
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sal tntsunrise
thank you
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i can sell now ?
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Seems like it doesn't want to break down. Uptrend still in tact.
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This is a wave 3, wave 3 can't be shortest and is nearly always longer than wave 1, so this won't stop rising till its in the 50's....
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tntsunrise TOP Trendhopper
correct. wave 3 has such condition to meet. but your logic got problem. After you see an enitre 5 wave, then you can identify which one is wave 3 by using such requirement. but you can't just assume it is wave 3 first , then conlude that it will go 50. that all depends whether it is wave 3 or not.
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Trendhopper tntsunrise
You have more experience so thank you for the tips, as traders we are playing the probability game, I see its probably a wave 3, as such I think its too risky to short against the trend, we saw how quickly price moved from 27 dollars to 41, looks at the moment to be a bull flag. I Try and trade 3rd waves and 5 waves only (if i can keep disciplined), as these are are lowest risk , particularly 5th waves.., where 3rd waves as you rightly pointed out are sometimes false dawns.
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tntsunrise TOP Trendhopper
for wave3 ,the entry should be break out of wave 1 peak. wave 5 i won't trade,
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Trendhopper tntsunrise
Thanks for tips, I traded an oil share from breakout of wave 1 in to wave 3, why won't you trade the 5th wave, this is usually more predictable than a 3rd wave, isn't it?
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Hi Jack . wave Elliott. I'm worried if it occurs.
snapshot
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dun worry, sl 44.60, if breaks new high ,we exit
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PhamPhan tntsunrise
Thank you very much.
Reply
whats your say on this Jack, it broke 44. you think it will drop?
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franciskim PRO franciskim
What do you think Jack?
Reply
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