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Oil trading within it Fib

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So here I drew fibs from the lows back in Jan 16 and pulled it through to the relatively recent highs of October 2018 - when if you remember we had significant pumps throughout the energy sector pushing oil far higher than it should have gone. The recent pull back was a relief for that mean reversion, however since the lows at the beginning of the year oil has seen a solid rise. The old saying "buy when there is blood on the streets" was certainly true at that time.

Here i'm using the split chart view, both the weekly and then a 5 minute. Not that I trade on a 5 minute candle, but I like to keep an eye on movements throughout the day. I also wanted to bring the 'news' section up again as I find it very useful. This is at the bottom of all charts.

As for a trade going forwards. I'm not so sure. Probably would look to take a little profit here then keep an eye on the fundamentals and news and make sure the next trade is on after a direction has been confirmed.

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Also worth pointing out that being quite the traditionalist oil is also a fan of round numbers. See pic.

image.thumb.png.b54f15cc60baa6cb72ed6ba784ce9d79.png

 

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