[IDEA] USOIL Possible 3 Drives Pattern Setup

FX:USOIL   CFDs on Crude Oil (WTI)
227 10 1
OIL             has been tricky the past couple of weeks, it has defied all normal trading logic and correlation with other indexes. It seems the high rebound has been due to hedge funds placing lots of long bets and those covering covering shorts, creating a squeeze, I think PA will move up once more before the crash and it looks like this could be that setup if PA respects the 1.272 extension level and rebounds, creating the 3 drives pattern to the upside with a target at the 1.618 extension on the upside.
Wrong, recent rally was cuz of short squeeze. No significant long bets from hedge funds, only short coverings.
You can see by a google search how many long and how many shorts changed during the rally. please do proper dd..
Dangerous to recommend trades based on one signal.....
If you bothered to read my profile page, you will see that when I post it is simply a potential move with no real backing. Please do YOUR research properly before commenting. And btw, look how far people covering has gotten already, did anyone expect this much of a move up? All along the way I believe every site showed 70% bear but yet price still went up.

I'm also not "recommending" any trades, I only post my own trading and reasoning, any competent trader would be mindful of new information, but always do their own analysis before entering a trade.
Fabby 848evo
at no point am i saying which way it will go, i only said your statement of hedge funds going long bets. is false.
Once again, look at how far price has moved up even if it's because of "short coverings" only, so even if that's the case, short covering still has power to move up even if it is a squeeze. Also go look at major news, they are all saying hedge funds are holding long positions, they probably got in early around $30 and are probably holding for at least $50, so until price hits $50, they will continue to hold, so I have no idea where you're getting your information that hedge funds aren't holding long positions. Lastly, it seems you are a new user, don't want to doubt your experience, but you need to post some charts showing your trades and get your reputation up for me to take your comments seriously or at least post links to back what you're saying, show me you actually know what you're talking about otherwise I just dismiss it because you have no experience or proof to back what you're saying.
Fabby 848evo
proof now.

Wow...so you're one of those people that like to post and say "I told you so" AFTER the fact the move has gone in your direction. Once again, you clearly aren't reading and/or have a listening problem. This post was an IDEA, a potential move that is either un-supported or weakly supported by technical indicators. Why don't you try posting some of your own charts with predictions of price action BEFORE they happen instead?
Fabby 848evo
oh and btw.
Those news is all over google. search and you will find all the links you need.
Go ahead and show me, yes, some hedge funds are short covering, but there are also a lot more holding long positions, and really, the pure fact you are looking at google instead of open interest held at your broker(s) shows you are new to trading and really have no idea what you're talking about. You don't see a large short position stack until around April 17th, the supposed date of the DOHA meeting for oil producers.
Fabby 848evo
Fabby 848evo
all the best.
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