captain_smollett
Long

USOIL. Targeting a rebound and, eventually, a mid-term run

TVC:USOIL   WTI Crude Oil
I believe USOIl             will hit 42 ish             next week and that will mark a beginning of a nice bullish run. Eventually, we will not target only 47 ish             which is the TP2 for a Cypher pattern but go beyong 52.

The red line at 52 is a historical trend line which comes from the 90s. As you can see, market watches it closely so it acts as an important separation level between bulls and bears. We keep on bear terrotiry but hopefully, it will start changing next week and be like this for some months in front.

Long entry: 4*0.25 lots at 42.25
SL: 40.50 (below July low)
TP1: 44            
TP2: 47

TP3: ???
Comment: Target hasn´t been hit yet, I expect a new and final wave down after this correction ends
Trade active: Long USOIL 2*0.25 lots. SL: 40,40 TP1: 44. TP2: 47
Comment: Already 1% up, long moved to breakeven
Comment: Posting below amended targets for the pattern, with TP1 already hit
Trade closed: target reached: TP2 hit. It can go higher but I´m completely fine with this profit
Hi Captain! What do you think about this idea?
Лонг для тех кто не успел сесть в поезд. Это ралли
Reply
@Smollet, Hello Captain! =) It could make sense, specially if USD pushes back a little bit. Looks like we will close on HOD today, so there appear to be people who want to buy this
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Good job
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snapshot


Amended targets for the pattern: TP1 = 45.90 (hit) hit and TP2 at 48 ish
Reply
Excellent Call... Also flipped my shorts to longs.
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@htgroup1, thank you, Sir! Lets see how far it can go
Reply
I hope price will not go to 42 :)
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I may be a bit early on this, but shorted OIL via DWTI today at 2:30 after DWTI kept support at its 61.8 retracement. Didn't go all-in but wanted to initiate a position based on the RSI and Stoch on the 15 min.
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Agree with your analysis - excellent chart work. Adding to my shorts today targeting 43.
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htgroup1 htgroup1
Then switching to longs based on RSI moving above 30 for the impulse wave. Thanks for sharing your analysis.
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