WTI - Long Idea

Oil is a bouncy baby lately. I will be using caution here.
- Price at a daily 200EMA
- Price resting on a strong trendline
- Price oversold on lower timelines.
Price action play here, limiting my risk.
Oil inventory numbers come out tomorrow, FYI.

Good Luck!

Commento:

An even more clear reversal candle has developed today, "High-Wave" anything can happen, but price is showing slowing.

Trade chiuso manualmente:

I had several contracts on OIL, it gapped up Sunday night and I started taking profits, I am just simply not seeing follow through in trades these days, I locked in profits and left a contract to run which was closed at just above break even. I disclose my losing trades and this was not one of them.

Note: there is a discussion being tossed around the TA industry about OIL and S&P500 correlation, makes sense on a fundamental level as OIL can be a bellwether for trade.

Good luck out there...this ridiculous S&P500 gain is scary.