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US Crude down trend continuation

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I had a plan to short the US Crude from the level around 58.7. I did not manage to succeed to fulfill this plan, however, now the price retrace up in the past several days and I am wondering if this could be a good opportunity to catch the second wave on the short side. For now, my plan is to wait for a break on the 1h range and to enter short around 57.3 with a target at the bottom of the previous 1h range - around 56.4.

If the crude oil inventory is bearish this will help a lot but of course, this is a very speculative idea.

Do you agree with this idea or you think that the downtrend is over?

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6 minutes ago, Valentin said:

Do you agree with this idea or you think that the downtrend is over?

Perfectly valid idea, 57.3 is key support at the moment and a break down will necessitate a search for stronger support further down, 56.4 was a recent low or the stronger still 56.0 would seem reasonable targets.

It all hinges on 57.3 though.

image.thumb.png.80200c8f3ec1244d0e0c6f04faccb74a.png

 

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    • trading US small cap gappers as per ross cameron, here's the thread, what a ******* disaster that was.  
    • sounds like you have been suckered in by that scammer ross cameron of warrior trading 🤕
    • neither SB nor CFD are linked to the exchange unless you are dealing through the DMA platform and even then you are still dealing through IG. you are taking a bet on a move in the market, someone must cover that bet, who? it can only be either another buyer/seller or IG. you can't get filled if no one takes the other side of the bet, WHO? it can only be an other trader or IG and as I've already said it's obviously not IG or you would have got your fill automatically.
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