U.S. DOLLAR / WTI CRUDE OIL forum
WTI 70.00 here we come
OILUSD the bulls got smoked today RIP ☠️🙏
USOIL triangle bottom hit. buy position actived.
USOIL Wait For the tgt and enjoy weekend with profit 👍WTI Ok, more pressure to the downside. glad i entered short position again.
WTI Oops!I made a Boo-Boo and should have waited for a candle close in the last hour. The last candle is a Near-Doji. When it appears in a bear run, it means more moves to the downside until a bottom reversal pattern shows up, then the retrace.
WTI For the retrace on the Hourly, it could be a shallow one or a proper retrace back up to around 71.845, then back down again because it's in Bearish Market Bias. At this moment, the bears are in Oversold Territory.
WTI Trading Tip:I didn't realize until yesterday that Stock Traders are more familiar with the Inside Day, compared to those who don't trade stocks. It's a Western candle pattern, consisting of two candles, that many love and often associated with expansion and contraction.
Look on the Daily chart below. The Inside Day is identified (in orange, horizontal lines) with a large candle that engulfs another smaller one (to stay within the larger candle's high and low). I tend to write that an Inside Day means a market pause that leads to consolidation, then a breakout from either the pattern's high or low.
The candles consolidated from one end of the pattern to another since February 6th. That's a lot of profit back-and-forth without a breakout yet. This is why I absolutely LOVE a very tall Inside Day pattern because of that opportunity.
This bearish drop may be the last move (or not) until a breakout at the Inside Day's low at 70.405. We'll see.
You could have traded this two ways:
All the consolidation, which is very wide on the lower timeframes, or wait for the true (not fake) breakout and trade in that direction.
USOIL Crude can go below 70.50 . Watch out for that levelUSOIL wavecount says 70.74 USD good buy levellet's give that bull a slap
