Get started

WTI (Crude Oil)

Big Decision Time for West Texas Oil - WTICOUSDWe are at an important decision for WTICOUSD, here are two very possible outcomes . The first is illustrated with the green arrows, and the second is in red. I trade triangles as a continuation pattern rather than a reversal pattern, so I am looking for an upside breakout of the triangle with a retest confirming we will move higher. If we break to the downside of the triangle and the long term support trend-line we could see some serious downside action.
OANDA:WTICOUSD
by nick203
"Walk on the wild side" - Oil long.The daily chart has spoken! Not really though, but who am I to question a second bounce on the April 2016 trend line? Apparently despite all of the mayhem (and lots of wicks) we seem to have settled for now and I have added some more to my long term oil position. Longs: 46.738 - TP: When we run out of oil ;) 47.141 - TP: 50.17x Stop loss down at 46.544 Hidden divergence on the 1D coupled with oversold RSI and a converging MACD are the main factors influencing my decision to double down here. Furthermore, as the trend began last April, a month that is generally bullish, it would be more than mere coincidence for this to be the start of another summer bull run. While there are many fundamentals that could prove this idea wrong in the near future, only time will tell if this trade was in fact a bad idea. For those following this idea, guard your stops and play as you see it, lots of volatility in store for the near future!
OANDA:WTICOUSDLong
by mwooddowney