Trying to catch the Break of the dominant shortterm downtrend :-) RSI signs a tiny longsignal.
How do you trade it?
Komen
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Komen
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Retest of the downtrendline = next action point -a desicion has to be made at that level
Komen
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Always have a look at the higher TF
Komen
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Komen
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Komen
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Yihaaaaaaaaaaa
Komen
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Komen
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Triangle? Flag?
Komen
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Oil completely retraced down to the max Level
Komen
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seems bullish, when oil is trading above 47.4..below 47.26 oil is bearish shortterm
Komen
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No upmomentum at present..thats ugly..at the moment oil is going through the pivot supportlevel - further downwave should be exspected - could aiming 45,75
Komen
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The risk for a further downwave increases - Traing below 46,5 is fatal in this TF
Komen
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Komen
giovannicanu
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maybe retracement around 45
649bruno
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Great analysis. I tried via a different technique and got your conclusion. I would trade to about $48.14, a .618 Fibonacci retracement of the August 21 pivot.
Your charting is excellent. Don.
PA-FX
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Wow you nailed it :) was that big candle a news??
IronPawn
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Hey! Could be... but buying so high up could bring some trouble in short term :-) I would probably go with path of least resistance... but it's only an opinion and have no positions in this instrument. Have a good one ;-)
smitheric1970
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Nice work MJ!
kizly
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S&P seems to try to break resistance. I'm long oil stocks & ERX. I can wait if it falls as the valuation in last dip was quite ok.