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Crude-oil

Short Trade Crude Oil - 4hr Double Top and 61.8 Retracement. Market Conditions: Downtrending market. Long bearish move without any real pullbacks before now. Double top + daily spinning top at 61.8 retracement. Stops and Targets Stops at 44.99 above the 78.6 retracement. Target at 37.45 - just shy of the 1.27 extension. Let's see how this plays out - this is my first "public" idea here at Tradingview and yes, I know we have news this afternoon. Remember it is just my personal view.
FX:USOILShort
by UnknownUnicorn206897
Crude oil big drop comingThis is the top because the final push provided liquidity for the large institutions above an obvious resistance level. They turned the sellers at resistance into buyers on that final leg up. I was selling at that level too, but got stopped out before that big push up. They quickly dropped prices back below that resistance level so those same sellers will have to chase it back down because they were right in the first place. I know because I experience this and also shorted below the pit close level. I think price will drop back down to that red level and bounce back up to form the right shoulder of a large H&S pattern. Price will most likely make new lows as the big players will keep pushing. This little rally was just a stop hunt for the guys who shorted on a monthly break below last month's low. My long term target is $20 and expect to reach that level by the end of this year.
NYMEX:CL1!Short
by EliteTrader101
Crude oil analysis and LevelsToday should have been an easy day to go long at the Inventory level, but they whipsawed me out a few times so I gave up just before the big move to my target. The target that I marked up was from my MT4 Oil chart which looks different from this oil chart. The Mt4 oil target was hit, but this target was not so I recalculated where the target would be using this chart and it was also hit, but it was at a lower level than the MT4 chart. I will look for a W pattern at one of my levels tomorrow to go long and this time I will use a larger stop so I won't get knocked out so easily. We had 2 levels of rise and am expecting at least one more on Short squeeze Fridays. It is a lot easier to be an analysts than a day trader as I had perfect levels but still ended up with a lose today when this is one of the safest longs to take. I will update a more precise target tonight
NYMEX:CL1!Long
by EliteTrader101
Crude Oil ForecastToday was a tricky day during inventory news. I was short going into the news with profit, and thought that the news would blast through the 50% fib level. Stop placement was too far away and took a big hit. Its a lot easier to be an analyst than be a trader during the live markets. As you can see, oil traders like using the magic number 3 at key levels. My levels are pretty accurate, but deciding what to do during live markets at those levels is another thing. Two scenarios for tomorrow with 2 possible targets. Price may drop to my target and bounce higher towards the upper target or price may drop down to the lows again and continue the downtrend. Have to wait for the 30min to close to decide what to do at these target levels. One of my targets are reached about 80% of the time. It looks like the break below the previous months low may have been a trap and we could see higher prices by friday for a close above the weekly support / resistance level
NYMEX:CL1!
by EliteTrader101
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