RiversAndMountains
Long

WTI Oil - Be a Contrarian Day Trader

TVC:USOIL   CFDs on WTI Crude Oil
(Trade this on 1Broker in my signature link for no-fees BTC-settled markets with social trading)

The best part of this trade will likely be watching a crypto trader get rekt longing a dumpy oil             pattern. But hey, risk/reward seems sufficient to me.

Oil             is in a pattern that looks like it should dump and dump hard. However, I noticed price action was engineered to take out May support and weekly close and has since bounced, although it doesn't look convincing yet, there is bullish divergence on MACD .

Although getting stop ran sucks, a retrace to 69.25 should invalidate the idea that Thursday and Friday's dumps were stop runs in and of themselves.

A target at first resistance ~67.30 gives a RR of 2.6 and is sufficient for a day trade, in my eyes.

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Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party

https://dafoh.org/petition-to-the-united-nations
Comment: On retrospect this trade would have had a better strategic entry point on a retrace below weekly close around .50-.65
Trade closed: stop reached: Lol crypto.

This market is scary on longer time frames to try to hodl through a dump right now, imo.

==
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party

https://dafoh.org/petition-to-the-united-nations
too much politics in oil trading, especially in ramadan when the saudis are hot headed as hell, they give 0 fucks.
+1 Reply
@Crypt0Phoenix, Was a speculative trade against the trend to begin with, but indeed!
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