WTI - Descending Broadening Wedge - BUY
Hello Traders
There is a Descending Broadening Wedge on 3H time frame which indicates a bullish trend. The odds of a breakout to the upside are at 80%, leaving only 20% odds of a break to the downside. Also we have a green CHange of CHaracter on 15min and 4H and green Break of Structure on 1H. 1D is still red CHoCH.
Despite continuation or reversal, descending broadening wedges are always bullish.
Pick a good spot for BUY entry - typically this is when the candle closes above the top line of the pattern but I will enter much earlier.
I enter LONG at 78.59 with a target of 84.30.
Good luck to everyone.
There is a Descending Broadening Wedge on 3H time frame which indicates a bullish trend. The odds of a breakout to the upside are at 80%, leaving only 20% odds of a break to the downside. Also we have a green CHange of CHaracter on 15min and 4H and green Break of Structure on 1H. 1D is still red CHoCH.
Despite continuation or reversal, descending broadening wedges are always bullish.
Pick a good spot for BUY entry - typically this is when the candle closes above the top line of the pattern but I will enter much earlier.
I enter LONG at 78.59 with a target of 84.30.
Good luck to everyone.
Trade active:
Entered at 78.59. TARGET = 84.30
Comment:
I've put SL as safety at 78.60. This trade is closed at the moment. I will try and buy again today from a better position.
Comment:
Better position now already = 78.46, but I will wait a bit longer and enter at the bottom of 5M chart MACD.
Comment:
Let me just briefly mention - most so called 'Professional Traders' (analysts who talk you into paying for their services) recommend not using more than 2% of your balance per trade - which means that when your balance is 10000GBP you only use 200GBP to trade - which I find ridiculous. It only proves how much of a 'mistake space' they leave for themselves - because they don't know what they are doing and try and charge you money.
My balance is now 6500 and I play 1.00x lot which costs 6300GBP so I am using 96.9% of my balance.
You cannot even play for 200GBP. Imagine how much money they expect you to have in your balance to trade Oil and stay with them in a first place. .... ?????
My balance is now 6500 and I play 1.00x lot which costs 6300GBP so I am using 96.9% of my balance.
You cannot even play for 200GBP. Imagine how much money they expect you to have in your balance to trade Oil and stay with them in a first place. .... ?????
Comment:
Also the TIME is IMPORTANT!. So US session comes at 3PM Warsaw time (I'm in Poland now) = 9AM Wallstreet time.
So when I expect the price will go UP today I will also try and wait till 3PM (Warsaw time) for that US session before I enter this BUY order again.
So when I expect the price will go UP today I will also try and wait till 3PM (Warsaw time) for that US session before I enter this BUY order again.
Comment:
Also, allot of people forget about what OPEC is and what WTI actually IS.
WTI is a sweet (which means low content of sulphur) and light (which means it will float on the water) Crude Oil extracted in Texas USA,,,,,,,and guess what,,,,, USA does NOT belong/is NOT a part of OPEC!!!!
OPEC is a Cartel of Countries who try and rule The World price of Oil by regulating which way/channel the Crude Oil is TRANSPORTED. Some OPEC countries do NOT even have Oil at all, but they are a channel through which Oil is transported = if they disagree on something the Oil must go through a DETOUR which in turn will affect the price of Oil because the transport gets EXPENSIVE!!!.
WTI is a sweet (which means low content of sulphur) and light (which means it will float on the water) Crude Oil extracted in Texas USA,,,,,,,and guess what,,,,, USA does NOT belong/is NOT a part of OPEC!!!!
OPEC is a Cartel of Countries who try and rule The World price of Oil by regulating which way/channel the Crude Oil is TRANSPORTED. Some OPEC countries do NOT even have Oil at all, but they are a channel through which Oil is transported = if they disagree on something the Oil must go through a DETOUR which in turn will affect the price of Oil because the transport gets EXPENSIVE!!!.
Trade active:
OK so, TRADE is BACK ON TRACK ACTIVE! . BUY NOW! much better position! = 76.55 . TARGET = 84.30.
Comment:
Allot of pullback on Thursday back to entry point on Friday - I don't love playing Oil !
Comment:
I also think there would be allot of common sense to make Oil a bit more expensive for the Christmas Time and SELL in January - I don't know why LoL :)
Trade closed manually:
Trading closed at 77.90