When everybody is so bearish, then correction will happen. Cover

FX:USOIL   CFDs on Crude Oil (WTI)
699 9 13
And by now the most obvious beliefe in the world is that Oil             is BEARISH , and that it will go straight down even from here! Hurray! What a great discovery, what a wisdom! Well, it's been bearish since the 100- weekly breakdown. :-)
As I wrote before on Twitter: "some rumours already circulating that gas stations will soon PAY YOU to take fuel away! Free oil             to everyone!" :-)

The thing is that when everybody is so bearish , and HFs has built the largest short position in the payst X years, a short squeeze can easily happen.

I don't say it is impossible to reach the 25 later. I don't say it is bullish (as I wrote above it is bearish ). What I say is that opening new shorts, or adding to existing positions is just not a good risk/reward from here.
OK, I know I wrote in my last post it was oversold. I just wanted to say it again. OVERSOLD and positionning way too bearish!

- Ichimoku and Heikin-Ashi are both bearish (- / -)
- However Price reached lower resistance level ard             possible wedge line almost by tick (+)
- haDelta has already reached its extreme low few days ago when price reached 36,50. Since then haDelta is a tad higher, but price lower: minor positive divergnece building (+)

- Bearish Ichimoku . Key reversal level is down to 38 - 38,50
- EWO             is very low, but it made a slightly higher low compared to new low in price.
- Watch haDelta! Back to test zero Todays             selling pressure quickly faded with US enterring mkt.
- A break above Tenkan Sen can extend short covering towards Kijun at 36,50, or maybe even higher to 38.

I promised I stop bottom fishing... but as I made quite a decent money on SPX             shorts from 2088, I could not resist to buy a small at 34,70 today again! :-D
So now I am talking my (quite stupid and not systematic) long position, which has a tight stop at 34,20.

Please if you trade smaller accounts, or if you are a beginning trader (not multi-year experienced) do not follow the most stupid bottom fishing strategy. It may work now, but as I wrote before it has not worked 5 times!
I will tell you when the model shows a proper counter trend signal to buy! Yes, maybe that will be above 37 or 38, but the risk/reward will rather be in your favour.

I went long below 35 but I can tell you everyone and their mom is expecting that pattern...the consensus for that wedge is too high for it to actually play out.
Was watching the same level for contrarian trade, looking good now.
well, at least the positive divergence improved a little bit further. Still no proper buy signal in my model. I mean OK, on the 4H there was a swing long, but I do not trade that lower time frame. I trade swing longs only on daily, supported by a 4H Ichimoku reversal. And this 4H reversal has not yet happened.
Actually daily looks indeed good for a long play, unless breaks down
I doubt it would break down. There is another indicator I follow on 4H charts. That is DMI/ADX. ADX reached a 50 (!) value with DI lines staying very wide. This also means market is extremely oversold short term!
2use Kumowizard
How would this be in line with EUR, USD, GOld?
Do you mean what correlation is possible between these?
for what? for the post, or for my gambling which now was a little bit more succesful than the 4-5 previous ones? :-D it worked, but it is still a gambling...
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