Most of the traders start to realize that this is not the market you can short.
We took out yesterday's high and now taking out the day before yesterday's high.
Though the day before yesterday we closed below the 10 yesterday there was no follow through with a very high : we closed exactly on the 10 . That's why I posted yesterday that I see oil is starting to be strong. And today we are surging higher again. It was a fakeout move with a beartrap to play out shorts again. Without the big reversal of the DOLLAR (US index) we would have never had this breakdown from the .
I missed the divergence in the hourly chart : it was a mistake. And we could have got out of oil at 46$. But I know myself : if I got out at the wrong time I would start to see signs and not be able to get back on the market again.
And let's say it was a 2 $ short: the earliest you could have entered: 46. If you were very good you jumped out at the 10 , and went for long yesterday at market close. I think I could count on one of my hands how many people did this...
2-3 maybe from the whole trading view community. Now most of the shorts are in zero profit or loss. And starting to hope. And that is what the big banks are using out when they get your money out of your pockets.
They turn your basic feelings against you. This is a war. When you fight against yourself.
So now as we are going to take out 46.60 high the short covering will push the price into the range highlighted in green.
There I will take profit on the positions. But the story is not over. I'm not goingto short there because the junior bull is too dangerous. If starts to run destroys the shorts. I will wait for the daily cycle low at 42-43 - we see in real time - and enter again for the last homerun to 60$ maybe.
The other big surprise what is coming now that the stock market is not going to collapse. Fasten your seat belts: it's going to go to new highs in the next months.
Guys I went through this in 2009 and lost a lot of money when oil made a homerun. I was trying to short. The same thing is happening. These are rare moments. I was waiting for this possibility 7 years. In 2009 there was no trading view only a few forums. Use out this possibilty beacuse the big funds sooner or later will change their trading strategies.
This and next year we can make a hell of a lot of money out of these markets.
Usually this is the sign of a trend reversal
WE are just waiting for the stock market to start its rally.
Most probably tomorrow after the NFP data...
I'm long since 30$ so playing with the house's money.
And I posted when I last time added to my positions. When I post long I'm not holding a shotgun to the followers
head to go long I just think that the rally is not over.
ANd sorry but I'm not going to close the longs while we can't even close below the 10 EMA on the daily.