Be patient for OIl high probality +100% The scenario for U.S oil, it could be a repeated pattern, trip triangle or it goes down to rebound again, we will see
SCO trade ideas
SCO: A Historical Look at Crude Oil Contract Expiry DatesTake a look at the SCO historical charts and see what happened on previous Crude Oil Futures Contracts expiry dates. Take a look 3pm on the each of the previous expiry dates. Expiry Date Calendar: www.energygps.com
scoWhat's up guys, just want to share my strategy with my followers. I am currently long ALGO (crypto) & XRP waiting only this weekend b4 I close off all open positions.
I closed my SDOW not because I don't think it will continue to rise as I feel strongly that the DJIA is pretty fucked. But because I want to short WTI crude.
I plan (if this works out) to close off algo & xrp in profits, then take my profits transfer those profits to fidelity and put a buy order in around $32 on the $SCO.
Now if you seen my DXY chart u will see that the dollar index has little room to drop B4 it resumes the final parabolic dollar blow off top.
I'm not sure if this will be 100% due to the fact that WTI crude storage is just about full and there's nowhere to store or if this will be a combination of COVID-19 issues plus the black swan I am suggesting that will strike oil markets.
Either way dollar demand = risk off & no oil storage + relentless shale pumping = neg contango prices going forward.
So my big bet will be to short Crude via SCO.
I linked a bunch of my work for you guys to reference.
Don't forget to follow me on twitter link in my bio.
good luck everyone & I think the markets will be in big trouble sometime June 2020. (DXY chart linked below)
SCOlooking at SCO for an entry around $16, not sure if this inverse WTI ETF will make it all the way down to the bottom of my triangle, but I will be monitoring this chart going forward as I think WTI
will most likely go negative futures again soon.
Russia & Saudi deal on Monday = green light for marketsSCO is at a critical point right now. It seems that the large H&S has played out and quickly retreated after Trump tweeted about a potential deal between Saudi and Russia to cut oil production by 15 million barrels. No one knows exactly what the outcome of the OPEC talk occurring next Monday is going to be. If the plan falls through and political tensions escalate, then SCO will bounce hard. The demand for crude is very low and the supply keeps increasing! If the deal fails, and the important support level of $17.50 to $19.00 breaks, then expect major downside. It could go either direction Monday. Bitcoin and traditional markets are also at critical points based on technicals. My gut is telling me Russia might endure so US and Saudi experience more pain. Of course don't trade off my gut, I could be completely wrong! GLTA.
SCO LongThe Saudi oil shortage rumor was bought and now I think the news will be sold. We’re awash in oil with a slowing global economy.
Long SCO (3x inverse oil) at $14.27 average price. Stop loss 1.5x ATR. TP with half the position @1 ATR, stop loss will move to breakeven and trail upward from there.
#SCO Nice POPAfter break down of Symmetrical Triangle for both Brent and WTI Crude Oil chart, this ultra short ETF have spike UP.
I believe oil prices will continue to trend lower due to trade war and possibility on china using iranian oil.
Expecting ultimate price target of this ETF $40.00
Thoughts for discussion.
Fibonacci retracement In most cases regular corrections end at 50%-61.8% Fibonacci retracement area. Lets wait =)
O I L - B E A R MA R K E T - ? bullish divergence is there ; but i'm not forecasting 2016 lvls as of yet
SCO Here is an update, it appears to be consolidating and have a noteworthy move up.
As long as interim support holds oil short looks like a solid move till retest of 48 range.
SCO Turning the corner once again.Have a sizeable position in SCO, currently down 1.23% with an an average of $35.09 still holding an additional 15% of funds in case this decides to move in the opposite direction My chart is indicating. I am currently seeing wti being ineffective at breaking the 52 range and imo in order for a retest of 55 and move to 60 there needs to be a retrace to 47-48. Currently do not have a stop but mentally it is low 33's. May possibly hedge with remaing funds in uco as well, but want to see clear movement established.
Possible reversal of SCO down trend in near futureCurrent position in SCO @ 35.23 pps represents 20% position on initiation. will add today.
Possible bear oil ETF price actionThe window for bull oil $51 is not possible do to the seasonality of oil. I was looking for an additional price spike, but oil only had a strong correction. I feel oil may try to work it's way towards $40 this downturn.
Targets are best guesses for daily oil prices on an ETF. I'm not sure on the timing of the price action, but I can see a move happening very very soon.
Good trade ideas can go differently than forecasted and it's your job to know what to do next. This idea isn't investment advise and you need to manage your own trades.
Bounce idea for oilOil is losing upward power and the oil ETFs are becoming overbought and oversold. This idea is playing a daily bounce back to the 10EMA and gap area. After that oil will have to figure out which to go.
OIL INVERSE INDEX BUY!!OIL has been struggling for quite a while. This index uses leverage to increase wins/losses. I see a good trade opportunity to short oil and am buying this index to do it!!! 28% profit is a decent potential move for this trade.
