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.

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

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

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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