USOIL: Weekly uptrend signal pending confirmation

TVC:USOIL   CFDs on WTI Crude Oil
If we see oil             hit the 47.99 handle before the close on Friday, we can expect a sizeable rally to take place. If we do break above the monthly resistance above, validating this signal, the targets are, in order of probability: 58.21, 65.63 and 80.67.
Right now, this would appear like a mad man's delusion, but, it's what the chart shows as logical, and probable if all trade parameters are followed.
The next step, if you took the long when I called it, is to let the trade run, for the next two weeks, examining activity to validate the uptrend, or discard it.

Stay tuned for updates,

Ivan Labrie.
Comment: Leave a comment below if you caught the entry from my previous 2 ideas.
Comment: We hit the range expansion threshold today in the weekly chart. Daily close was right above the Jackson Hole key level, so we have good odds of continuing higher.
Good luck!
Comment: We'll add to $USOIL by Friday Price has to hit 51.76 within the next 3 weeks (including this one), target is over 58...
Comment: Daily target for today might not get hit:

We can either close half, or simply wait and add if it dips.
Trade active: The weekly chart has a valid long setup here, stop at June 24th's daily low (Brexit).
2.72R potential or more. Risk 0.5-1%
Comment: Holding this position for the long term.
Additionally I'm taking swing trades without closing it.

This is good: http://www.bloomberg.com/news/articles/2016-10-10/russians-and-saudis-pledge-joint-effort-to-limit-oil-production

Add to it EIA data on Wednesday and we'll have a massive surge.
footprint analysis
IvanLabrie RuhailKhan
Hi, what do you mean?
In at 45.84. $75 would certainly be nice!
I am long as well and find your idea very interesting. I am still largely in my education phase a lot so have nothing of value to add here, but just that I have followed you and look forward to your updates!
+1 Reply
IvanLabrie SharkbaitAl
Cool, thanks for the comment.
When did you enter? Followed my previous post setup?
If so, we can hold patiently for now. Good luck to us all.
SharkbaitAl IvanLabrie
I bought in on the re-test of yesterday's bullish pit close around 46.65. I had a tight stop loss and it worked out well. Unfortunately I had not seen your other ideas or would have saved another buck. But better late than never, looking forward to seeing how this plays out (patiently, lol)
+1 Reply
IvanLabrie SharkbaitAl
Yes, that's a good entry still.
It shouldn't really go back under the blue box (monthly mode resistance).
+1 Reply
SharkbaitAl IvanLabrie
Thanks Ivan, I will keep my eye open for that range...I actually had 47.25-46.75 marked as a potential resistance zone so pretty proud of myself lol.
+1 Reply
IvanLabrie SharkbaitAl
Good, you can find a few patterns on your own, but it needs a lot of forward testing, to find a workable method.
So it's either that, or using someone else's system.
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