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breakoutfakeout
Jul 20, 2020 3:03 PM

USoil go long. Divergence + fakeout Long

WTI CRUDE OILTVC

Description

Oil looks really strong after the fakeout break of the rising wedge.

Lovely divergence to on the 1 hr charts, could go a lot higher. Stop below the divergence

Comment

Targeting $43 which is just below the gap fill on the Dec contract charts

Comment

And coincides with the rising trend line of the current rising wedge
Comments
elonor88
Hahhaha, yeah.....a fakeout almost tricked me into short!! but i manage to keep my calm and wait. Being patient does pays off sometimes.
breakoutfakeout
@elonor88, Great! Fakeouts nearly always fail! They are for profit taking entries before the breakout lol not entering positions after;). Hope you managed to reverse your idea and enter a long.
breakoutfakeout
@breakoutfakeout, breakouts fail I mean not takeouts lol. Fakeouts are great for counter trading !!!
elonor88
@breakoutfakeout, Nah.... i didnt hv the guts to short or long. the market is too unstable for me. I just sat n watched the show. :)

I dont dare to long since OPEC+ is easing out by next week. Im not a pro. I do make wrong calls.
breakoutfakeout
@elonor88, Even pro's make wrong calls, we just make enough good right ones to take a good living lol. I like your caution though, risk aversion is the hallmark of a good trader in my experience. Good luck for the future :)
breakoutfakeout
Taking 75% profit here at 4160 (slightly below previous high and at 200 dma). See what happens to the rest
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