ForecastCity
Short

A second Chance to Sell in USOIL...

TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
58.05 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 58.05 is broken.

Technical analysis:
The RSI support #1 at 43 is broken, so the probability of beginning of downtrend is increased.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 66.50 on 04/23/2019, so more losses to support(s) 52.80, 49.50, 45.80 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 23.

trading suggestion:
*There is still a possibility of temporary retracement to suggested resistance line (58.05). if so, traders can set orders based on Price Action and expect to reach short-term targets.
*If you missed our first HUNT, you have a second chance to bell below the suggested resistance line (58.05).

Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:

Trade Setup:
We opened 9 SELL trade(s) @ 65.11 (day close price) based on 'Peak' at 2019.04.25.

Total Profit: 8394 point
Closed trade(s): 2519 point Profit
Open trade(s): 5875 point Profit

Closed Profit:
TP1 @ 61.85 touched at 2019.05.02 with 326 point Profit.
TP2 @ 60.15 touched at 2019.05.06 with 496 point Profit.
TP3 @ 58.05 touched at 2019.05.23 with 706 point Profit.
TP4 @ 55.20 touched at 2019.05.31 with 991 point Profit.
326 + 496 + 706 + 991 = 2519 point

Open Profit:
Profit for one trade is 65.11(open price) - 53.36(current price) = 1175 point
5 trade(s) still open, therefore total profit for open trade(s) is 1175 x 5 = 5875 point
All SLs moved to Break-even point.

Take Profit:
TP5= @ 52.80
TP6= @ 49.50
TP7= @ 45.80
TP8= @ 42.60
TP9= Free
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ForecastCity Ronnie_Dong
@Ronnie_Dong, Thanks for sharing your chart.
Reply
Ronnie_Dong ForecastCity
@ForecastCity, great minds think alike
+1 Reply
ForecastCity Ronnie_Dong
@Ronnie_Dong, I think they do :)
Reply
you are absolutely right all the timeframe shows to go for short

I am inline with your analysis thanks for sharing
UK and US oil will make a deep move

+1 Reply
@MarxBabu, Thanks for sharing your chart.
Reply
That's a good TA and thanks for publishing such a valuable opportunity.
+1 Reply
@fxniki, You're welcome.
+1 Reply
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