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Cl1!long

CRUDE OIL LONG up to $59.80-$60.00The crude oil market was kind to us on the downside after we broke through support level time and time again. We were originally looking for shorts to continue however the upside opened up on Wednesday and didn't stop. The fact that we broke above a key resistance structure at $58.10 suggests the longs are out to play and there could be move upside if they hold their momentum. We could see price retrace to 2 levels for us to continue to look for the long. The first level and more ideal level is the broken high at $58.00-$58.10 for a move back into resistance at $59.60. The next level is the start of the impulse move at $57.00-57.10. This could still continue the upside structure. Over the last two days, volume was really strong. If we break under $56.80 we may see more downside.
NYMEX:CL1!Long
by TRADEPROAcademy
CL1! LONG - active tradeHi, thanks for viewing. Just sharing my trade. Entered late on Friday because I saw wave (i) and (i) but was watching something else when wave (iii) started. Ended up entering on a wave ii retracement of wave i - as I was anticipating - based on wave i that wave (iii) was going to be extended (as it didn't reach 1:1 of wave (i). I was super lucky to catch it right at the 0.618 fib level. of wave (i). I was 4.5% up when the market closed for the weekend and realised on Saturday I had forgotten to put a stop loss on (I put a SL on 99% of the time) - luckily things went the right way. I put one on this morning that will lock in a minimum of 25% profit if things go bad. I will raise this if an when price action allows but will hold off for a while. Currently 130% up - yay me. Joining wave (iii) wouldn't be a bad idea if you are looking for an entry. That or joining for wave (v). There were murmerings of a reduction in production being considered this week by OPEC in the news last week. While that isn't why I entered, it certainly didn't hurt. Clearly the market was and is anticipating that - hence the big gap up. I hear on here people say that "gaps are always closed", yeah I guess so... eventually. Never understood what the relevance of that statement. Gaps just indicate a strong trend - normally found in wave iii of wave 3. My tentative target is $56.91 for a 6x gain (thanks to scary levels of leverage). If that happens it will definitely be my best trade in my limited trading experience. However, I will close the trade based on a MACD cross-over strategy on the daily time frame as things may go a bit higher - as we have recently seen; when the market trends - it really trends. Wave (v) being extended is a possibility, Normally, I trade 100% on technical factors but I guess this had a little fundamental thrown in. The main factor was that by my EW count we were starting to set the foundations for a bounce after an extended down move that was super difficult to get a good EW count on. I find CL1! difficult to trade due to the $ per pip change - so any move against you can hurt a lot. Anyway, I'm happy to let this one ride for a while. Thanks for viewing and good luck everyone and protect those funds. Apologies for any typos and my use of the minuette and subminuette EW, which is purely arbitrary. All I am trying to show is 2 degrees of wave action on smaller one larger.
NYMEX:CL1!Long
by flyinkiwi10
7
Crude bullish RSI divergence after deep correctionThanks for viewing. I'm not into fundamental analysis - so we could have complete crushing overproduction and oversupply of crude and I wouldn't know. I'm just looking for a potential bounce to go long. So I just posted to point out a potential EW count and strong bullish divergence displayed by the RSI. It could go a little lower but the spring is coiling and there will be a significant bounce when it comes. Still, I will be waiting for confirmation and haven't decided if I will miss wave A yet and will wait for wave C up. Happy trading and protect those funds people.
NYMEX:CL1!Long
by flyinkiwi10
CL long to 70Last week prices initially showed signs of equilibrium between 64.6 and 65.8; Based on last weeks close a Weekly Inflection has been created at 66.10 and if we see volume move above this level then I will look for my first target at the next high Weekly Inflection at 67.35; and then target near the next high Weekly Inflection above that near 70.51, with a TP of 70.25. Entry: 66.10 (Prices are in this zone so the Entry is Active) Target Price 1: 67.35 Target Price 2: 70.25 SL: 64.20 Good trading all!
NYMEX:CL1!Long
by taiwaiyu007