WTI Oil - Be a Contrarian Day Trader
Updated
(Trade this on 1Broker in my signature link for no-fees BTC-settled markets with social trading)
The best part of this trade will likely be watching a crypto trader get rekt longing a dumpy oil pattern. But hey, risk/reward seems sufficient to me.
Oil is in a pattern that looks like it should dump and dump hard. However, I noticed price action was engineered to take out May support and weekly close and has since bounced, although it doesn't look convincing yet, there is bullish divergence on MACD.
Although getting stop ran sucks, a retrace to 69.25 should invalidate the idea that Thursday and Friday's dumps were stop runs in and of themselves.
A target at first resistance ~67.30 gives a RR of 2.6 and is sufficient for a day trade, in my eyes.
==
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party
dafoh.org/petition-to-the-united-nations
The best part of this trade will likely be watching a crypto trader get rekt longing a dumpy oil pattern. But hey, risk/reward seems sufficient to me.
Oil is in a pattern that looks like it should dump and dump hard. However, I noticed price action was engineered to take out May support and weekly close and has since bounced, although it doesn't look convincing yet, there is bullish divergence on MACD.
Although getting stop ran sucks, a retrace to 69.25 should invalidate the idea that Thursday and Friday's dumps were stop runs in and of themselves.
A target at first resistance ~67.30 gives a RR of 2.6 and is sufficient for a day trade, in my eyes.
==
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party
dafoh.org/petition-to-the-united-nations
Note
On retrospect this trade would have had a better strategic entry point on a retrace below weekly close around .50-.65Trade closed: stop reached
Lol crypto. This market is scary on longer time frames to try to hodl through a dump right now, imo.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.