FX:USOIL   CFDs on Crude Oil (WTI)
4388 26 55
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.
Comment: Trade what you see. Obviously Oil has break the 29.60 level,
Therefore, No Entry yet.
Trade active: Trade Active by using Low Time Frame (1h) 2618 Trade
Enter at 28.90
Comment: the 2618 TRADE ALREADY win 100 pips FROM 28.90 to 29.90
Comment: With the Weekly Closing at 32.20
confirmed that the 1.618 level at 29.60 is the pivot point!
To lean Jack's Full Trading System:
Weechat ID: 32114564
Great work as always and nice scenario! Thumbs up
Now I'm with you. Nice pivot,

This is an example to show how to trade HTF in a small time frame
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.
tntsunrise marketwizard
Thank you for your analysis! that 's a great work!
marketwizard tntsunrise
Thx. Cheers
Instead of using retracement Fib in this situation, try using Projection Fib

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
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.
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