This should bounce here, briefly, hopefully just enough to start loading Massively on the Dec. 2020, 25.00 PUTs - currently @0.60.
71 calendar days or ~61 trading days should be sufficient.
Wait for those PUTs to first settle down here, following the recent -20% drop - which we caught without sweat. (... it was obvious :-) See attached.
Sell on 1 hour timeframe
Sell on 7h timeframe
Sell on 3 day timeframe
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Since mid-June, WTI OIL traded in a long rising wedge. Finally, we had the break of support followed by a 600 pips drop.
Now Oil is recovering some of the losses, but I expect this to be just a correction before a new leg down.
I will look for opportunities to sell WTI above 40 and my target is 32 with a great 1:4 R:R
The intraday charts show that price has found support on the golden level, with an intense seller pressure the WTI remains under the bears' domain. If price action can break the current support, it will have a clear path to test back the 34$ handle.
Entry after confirmation of a retest of the broken support would be taken, with the following short trade
WTI under sellers pressure, breaking trendline and retesting it after consolidation, together with MACD showing diminished bullish momentum, for a bearish bias confirmation.
S/L: 84 pips - R:R | 1:2 -
T/P: aiming at the key support level by Fib
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Crude oil short on the 1Hr timeframe.
The sky blue line is EMA25.
Wait for pullback as both price & EMA are headed into the 'red-zone', an area that looks ripe for a short, especially now as price is disobeying the dotted red diagonal support line.
I have two targets set up. First target is at 36.53, & the second target - for the more aggressive trader - is set at...
In updates and comments below this chart I would like to focus on the Divergences extensions
Tip: With longer extension on divergence comes bigger and faster reversal (Work both ways)
I personally would add more on leveraged shorts during breakdown of blue line (uptrend)
as I see Oil finishing W5, filling gap, forming bearish divergence and...
The bull run in WTI is definitely losing momentum.
It is evident from the fact that negative divergence is coming in play between the price structure and MACD, after the 5 legs impulsive movement.
Now the price is stuck between the key support at 34.86 and the critical resistance zone from 39.60 to 42.00 above.
I have marked the two possible scenarios:
GOOOD DAY TRADERS....
A LOOK AT THE CRUDE OIL COULD WE SEE THE CRUDE OIL CONTINUE ITS FALL
> CRUDE HAS BEEN EXTENDING LOSES SINCE THE OPEN ON MONDAY
> WEAKENING SHARPLY ON CONTINUED CONCERNS ABOUT THE OVERSUPPLY AND LACK OF STORAGE SPACE..
HAS 2 POSSIBLE SCENARIOS ON THE OIL
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