tntsunrise

some thoughts on oil and one important trading logic to share:

TVC:USOIL   Crude Oil (WTI)
some thoughts on oil            
and one important trading logic to share:

Guys, Today I receive a msg from one of the follower
"sir, any forecast on oil             now?"

then i draw this chart to him:
1. Oil             is in a tri-angle right now, lower highs and equal lows.
2. 48.00 is strong resistance structure
3. 46.50 is strong support stucture.

problem: price is right in the middle!
it can go up or can go down and your risk is not small at all.

Conclusion:
Do not Trade Oil             at this moment, which means:
Have some rest!
here is the sharing part:
Traders, how many times you feel that you have to do
something?
how many times you think you got itchy finger?
Please take note:
If there is no much trading opportunity,
DO NOT FORCE TO TRADE.

wait paitiently for the price to react at thoese
important structure and you will have a clearer
trading plan by then.

Good night! Wish you a happy trading life!
Plan your trade, trade your plan!
Always here to share,
yours sincerely:
Jack ( tntsunrise)
Comment:
snapshot
Comment:
snapshot


Guys, did u catch this short trade?
Comment: Oil continue to drop
For thoese who has viewd my charts
and get the short trade ,you can consider to take profit now
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Thank you for this post, and all of your others. I learn something from them each time. This reminds me once again to be patient, don't force any trades, and keep an open mind. Good luck Jack, I will be looking forward to more of your work!
+2 Reply
tntsunrise TOP SharkbaitAl
welcome!
+1 Reply
Brilliant, better than the analysis is the "sharing part"
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Thanks a lot, Master!
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Well Said
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Jack, how about if you are already in the market? I bought a small position at low end in the morning. Should I exit with a small profit and wait for next signal? or hold it and let stop loss order takes care of the rest?

Price can become choppy during consolidation. There were many times that my positions were shaken out with a false break out and then the price moved in my direction.

As always, your opinion is greatly appreciated especially on trading logic and philosophy.
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wat is your orignal plan? if u bought , u should have ur target and ur stop loss. follow your plan.
u can take partial profit or u can move sl to break even if you have some profit.
+1 Reply
mnwind tntsunrise
Thank you Jack. My original plan was to buy at strong demand ~$46.5 hold 1/2 position to $48-49, and the other 1/2 to ~$52. With the triangle consolidation pattern as above, I just closed 1/2 of my position for a very small profit, and leave the other 1/2 as a free trade targeting $48. Price may get stuck in the range for a while. You brought a very good point, I often change plans once I'm in the trade. That may be why I seldom have big profit. Big lessons learned!
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gabaym mnwind
hi there is 2 pattern- descending wedge witch is bearish one and ascending wedge witch is bullish pattern currently on 240 chart we have descending wedge that means bearish wait for the break of the wedge
then enter short.
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Many thanks for your thoughts, that's great,Jack!
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totally
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Thanks
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I struggle with this itchy finger...as I am sure many others do. Thanks!
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wise words
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Hey Jack , I see 2 bats on the oil chart , can you confirm?
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i saw a bearish gartley
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lgybecks tntsunrise
It seems that the downtrend has been broken.
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still side way
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Thanks Jack...I always learn something from you!
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Great analysis Mr.Jack. You are doing an extraordinary work here on Tradingview. Good luck with your trades!
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thank's for your post and your humanity !
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"problem: price is right in the middle!" That's a good one. Price is always right in the middle.When is it never in the middle?
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when it are near to the structure. can u see the yellow box i draw?
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thank you..a leader worth emulating
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thank you, great post, applies to many situations!!!
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Hi May I join here?
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Thanks for words of wisdom. I'm usually a very patient trader but even i forget to just take it easy and not force myself to trade even when there is no good trading opportunity. Looking forward to your future posts!
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Based on the move today and your analysis we should be long now correct?
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hi guys. can i join in?
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tntsunrise TOP rajesh2467
join what? are u buying or seeling?
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hi guys, may i join in?
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rajesh2467 rajesh2467
i mean join in discussions. thanks.
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Yes, wonderful insite Thank you Jack. Sometimes just go to watch the slow train go past you, you do not have to catch it always. We all used to work in an office or the like, now we have our own hours and trade forex. As Tom Hanks said in Forest Gump, "Life is like a box of chocolates, you never know what you gonna get". And forex is a bit the same. https://youtu.be/CJh59vZ8ccc
Jack i hope you dont mind me speaking out of turn.
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do You think that USOIL will go up ?
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i dun need to think whether it is going up. if it is going up, i should have bought, if it is going down, i should have shorted.
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Hi Jack, is it a good time for me to set and pending sell at 46.66 (sell at pull back)?
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Oil M30 Chart is it having a nice double top???
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thanks
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if possible can we get your you tube channel name?
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projack
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Yes Sir, got in at 46.39
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No, I don't!!! The pullback was so tiny that I'm still waiting for it!
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the pull back is very obvious...4h chart, 3 candles
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MiDiGre PRO tntsunrise
Yep, I was waiting for 46.40/46.60 but nothing
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Great analysis, Jack!
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Yes, I did, trying to determine what price will be the target, there was some support at 44.55, and FIB 0.5 is at 44.07, so 44.07-44.55 ?
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tntsunrise TOP insomnia.kzhang
44.00
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Thanks, it looks like a buying signal today tho, tying my hands for now.
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caglarercan05 tntsunrise
Hi Jack what kind of sign we shold see to take a long position here?
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Hi Jack, Do you think that I can short now, or it is too late?
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now buy or sell
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Short from 47.47. thank so much Master Jack
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Awesome post. Thanks for it
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I made a "late enter" on short.
Jack don't you think that if Nonfarm Payrolls (Aug) will be good, $ will go up and OIL will be brought down further ?
Otherwise I'm ready to close my short if Nonfarm Payrolls is bad
What do you think ?
Thanks as always
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tntsunrise TOP val_trader
NFP normally dun impact oil
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Midterm target from daily chart, there is rising wedge pattern, target at $36
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snapshot


Mr.Jack, price hit the structure and fibo retracemen 0,618. Do you agree to take a long from here?
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tntsunrise TOP CryptoTraderOne
nope
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we should hold our sell positions?
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tntsunrise TOP carlosdavilamal
u can take some profit.
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Looking for a sell setup on this one as it looks attractive to make a flat correction of the up impulse - still in the correction.
snapshot

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