Hey guys, So I entered this short on Friday @ $59.56. My stop is at breakeven (could see one more spike up), but this is looking like it's going to absolutely drop. Even if we see another spike up, I'll re-enter cause this R:R is too nice and it's a high probability structure. Be careful for FOMC tomorrow - I believe this is where the momentum will be coming from.
Extremely bearish close for Oil. It seems next week is playing out to be a very good week! Oil has been choppy recently so I have been extra cautious.
Over the past few weeks, oil was making some gains slowly to push up from the lower $50.00 level and nearly into $60.00. There was some technical stagnation just under $59.00. A triple top had formed and we were waiting to see if support would hold for a push through resistance into $60.00, then the news came out from OPEC and OPEC+ that brought a strong 5% drop...
Seemingly oil has completed a five-wave sequence. The structure seems odd, but overall this scenario seems to have some weight given the closing of the week where bulls decided to take profit. I expect that next week starts off red before another bullish leg. It makes sense to look for fading setups in the lower timeframes.
As per the LongBuyLongSellIndicator This is very clear Short is dominating the Long Power , Short is overruling the Long Haul All the Oil price will get a huge drop from this level .Get Set Go !!! Like ,Follow Comment and here is the details of the Script
USOIL bears delivered a bearish gap, the first one in a while. Impatient shorts will cover at current measured move target level, which will apply pressure making bulls excited towards 5650 gap re-test. The retest area is a reasonable short with good odds as the context to the left favours bears currently.
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Been anticipating this for the past week or so now, but wanted Oil to pop up into the $58 zone before dropping deep. I'll give an update when I enter and show the setup I'm taking!
Rough sketch but you get the picture. I'm fairly new to trading so I'm not sure of all the fancy wave names and the technical nomenclature but this is what the chart is saying to me. I'm just listening to what its saying (or moreso what I see). It's damn a near flip flop of how the directional trend got started. Lets eat. Amen.
I NOTICED A BIG WEEKLY DESCENDING CHANNEL, IF THIS PLAYS OUT THEN WE CAN SEE A BIG MOVE DOWN... LEAVE COMMENTS BELOW AND YOUR IDEAS
Price already bounce at the daily resistance and is looking to short in the next few days. I will target 55.00 and if it breaks this support I will target 51.00.
USOIl is in its short price range. Banks are also doubling their short position. There is a very high chance probability that the price will bounce back to previous lows. The current price is very overbought (OB/OS index).
previous Idea posted under 1hr time frame, but this 30min time frame is the set up to the 1hr short