tntsunrise
Long

USOIL DOUBLE INVERSE 1.618 PATTERN

FX:USOIL   Crude Oil (WTI)
4365 26 55
a year ago
What a Co-incidence
This Two Wave's Inverse 1.618 EXT
are at almost save level: 29.31-29.59
We know that some times a single 1.618 EXT is
very powerful already.
But now there are two!
and at same level!
I need to record this down and this might be
a very good case-study for Inverse 1.618 trade
set up.
So if OIL             can't break this level, a strong rally will
turn up.
Le'ts see.
a year ago
Comment: Trade what you see. Obviously Oil has break the 29.60 level,
Therefore, No Entry yet.
a year ago
Trade active: Trade Active by using Low Time Frame (1h) 2618 Trade
Enter at 28.90
USOIL 1H 2618 TRADE
a year ago
Comment: the 2618 TRADE ALREADY win 100 pips FROM 28.90 to 29.90
a year ago
Comment: With the Weekly Closing at 32.20
confirmed that the 1.618 level at 29.60 is the pivot point!
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IvanLabrie PRO
a year ago
Agreed,
Reply
farisalateeq
a year ago
So it's good and save to buy on 29.31 ?

thanks TNT
Reply
tntsunrise TOP farisalateeq
a year ago
no entry yet
Reply
moorekapital
a year ago
My conservative approach hasnt signalled a buy yet. I'll wait. ;)
snapshot
+1 Reply
KayJay
a year ago
I think Oil will slip down to 27-26 level.... As the Iran sanctions lift off, Iran will surely pour their oil reserves in the global market
+3 Reply
Fibtree
a year ago
I'm already long from firday and was worrying about Iran deal ... but you give me hope :)
+1 Reply
moorekapital Fibtree
a year ago
still holding...?
Reply
moneerbarazi
a year ago
I like your setup, but sanctions have been lifted off of iran and extra oil supply is being pumped into the market, don't you think this will drive the prices a bit further down?
Reply
KayJay moneerbarazi
a year ago
Yup to 27-26 level :)
+1 Reply
BlackPipper
a year ago
I think the seasonal effect of oil is bearish until March so we have to patiently watch for the final price action. Its not only Iran impact but also speculations of reaching $20 per barrel. USDCAD is also heading toward 1.5 mark so overall conservative vie of oil is still not appreciating any long position.
Reply
Ha-ve BlackPipper
a year ago
SaqibIqbal - You are right!
Reply
cesarhans
a year ago
Dude, it's going DOWN. Stop trying to find the bottom!
+2 Reply
FXTrademate
a year ago
I remember someone saying, set-ups no matter how strong sometimes has to be ignored due to special events happening.
+2 Reply
moorekapital FXTrademate
a year ago
PRICE ACTION is KING!. Where on this chart does it say buy??? Are we now doing Voodoo charting??? ;)
snapshot
+2 Reply
stonesouls
a year ago
Due for the bounce.
Reply
lucianfx00
a year ago
Yay finally, in past years oil reaches minimums in mid january, maybe retest of low in feb or march, but I think we are going up.
Reply
tntsunrise TOP lucianfx00
a year ago
agree!
Reply
tntsunrise TOP
a year ago
snapshot

something interesting is happening. seems the bears can't break a lower low . if today can close above 29.60 , that's a signal for me.
guys let's wait.
+1 Reply
blackjack2002jp PRO tntsunrise
a year ago
nice.
snapshot
Reply
marketwizard
a year ago
Instead of using retracement Fib in this situation, try using Projection Fib
Reply
marketwizard
a year ago
Everyone, excellent technical work, however, this may be one of those situations where a little global macro intelligence + sentiment analysis could prove highly beneficial. The market is in the 'process of' pricing in Iranian exports. What was assumed to be priced in was not. Because of uncertainties surrounding capacity from Iran, the market wasn't able to effectively discount this new stream of supply. Starting this weekend, those uncertainties will begin lifting as Iran's capacity will be quantified in greater detail, thus discounting their production for the next 3, 6 9 and 12 months as production inevitably ramps up in a major producer who has absolutely no incentive to show any restraint whatsoever. This is why the price decline has increased in velocity (% terms switch to log charts). The depth, speed and volume of this next and probably final leg down will be defined by facts coming out of Iran and how OPEC + Non Cartel producers will react. Iran is unlikely to show any restraint as they've been held on a tight leash for 35 years and have several dozen tankers full of crude that have been sitting off their coast for years ready for shipment. These makeshift storage hubs were a last resort for Iran who was pumping as little as possible and had run out of room to store. What Iran is selling right now is not oil they are pumping (barrels per day). They are clearing out their reserve stocks that have accumulated. With dozens of full tankers ready to go, they will be selling their oil at a discount. This event could very well market the bottom of oil, but probably around $23-$25 a barrel. Keep an eye on the Syria Peace Accord talks scheduled. With MS calling for $25 oil, this is a market that will immediately trade to that price level, if not lower. For Iran, total revenue from reserve sales of crude is also being subsidized by massive repayments of previously frozen assets. This is a massive windfall for Iran and is happening in a short time frame and they will generate as much US Dollar revenue as possible while the tap is open.
Reply
tntsunrise TOP marketwizard
a year ago
Thank you for your analysis! that 's a great work!
Reply
marketwizard tntsunrise
a year ago
Thx. Cheers
Reply
tntsunrise TOP
a year ago
USOIL 1H 2618 TRADE

This is an example to show how to trade HTF in a small time frame
Reply
cesarhans
a year ago
Now I'm with you. Nice pivot,
Reply
rickstar
a year ago
Great work as always and nice scenario! Thumbs up
Reply
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