IvanLabrie
Short

Oil: Early entry into potential weekly trade

FX:USOIL   Crude Oil (WTI)
The oil             chart has had bearish overtones for a while now, and despite feeble attempts by the bulls to drive price above the highest volume node at 46.24, it seems like bears are winning in this juncture.
I'd place a couple of entries here, looking to capture the downside move.

It's possible, once the 2nd order is triggered, that we get a 55% chance of hitting 22.03 in the coming months. Time expiration for the decline would be by March 21st, 2016, but it can reach this abysmal target sooner than that as well, as long as it trends down below the blue line on chart.

For more information and insights into managing this position, scaling in, and understanding the logic behind the technical setups contact me via pm. I'm currently hosting a skype group, where I share trade setups and also provide traders with training, as well as 2 private webinars per week, and also giving tutoring via skype calls, on a one on one basis.
Good luck if you take this trade.

Cheers,

Ivan Labrie
Time at Mode FX
Trade active:
snapshot
Comment: All good, hopefully we get the weekly confirmation.
Trade active: We have confirmation.
Hold shorts!
Comment: Beast win!
Comment: New low...
Comment: On track...we can add on weekly retracement.
Trade closed manually: Action might turn extremely volatile, looks like we're forming a bottom.
So finally the long view on oil has been invalidated, but is it better to stay cautious, according to you, while shorting oil since we are at the very lows, seen after the 2008 crash?
Reply
Just my two bits; We are seeing prices we haven't seen much of since '05 but... elevated then by geopolitical tensions and then QE in 2008. After QE1, oil took off to 100, After QE3 ended, oil crashed back to 40. Low 20's definitely in the cards only potentially held back by potential geopolitical tensions. I wouldn't count on production declining much at lower prices, everyone needs revenue which requires even more oil being pumped at lower prices. A spring below 20 would crush the bulls buying at a 20 bargain.
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+1 Reply
moneymaking smitheric1970
Amazing explanation mate, greatly helpful. Thank you so much, appreciate it :)
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Nicely done mate :)
+1 Reply
IvanLabrie PRO moneymaking
Just what I do...I can predict things way in the future thanks to Tim's teachings. :)
+1 Reply
moneymaking IvanLabrie
Yeah, Tim is awesome :)
+1 Reply
IvanLabrie PRO moneymaking
Thanks...and yes, so true.

You do some quality work man, really. ;)
+1 Reply
moneymaking IvanLabrie
Hehe, thanks mate, appreciate it :)
Reply
42.50 would open the flood gate ;)
USOIL: I
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When Technicals look unclear to me, that's when I get the feel that I need something beyond the charts. Some Insider, Some Fundamental behind the instrument.
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