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 , 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 (as I wrote above it is ). 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!
- and Heikin-Ashi are both (- / -)
- However Price reached lower ard possible 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 (+)
- . 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.