RSI trending down, it has yet to be reflected in the price.
I doubled down on my short friday when the price peaked, and the OPEC meeting hasn't change my mind. IMO the OPEC news was already priced in with oils run to $55, and until I see some solid statistics from OPEC and not just a bunch of words, my mind isn't changing.
Trade geschlossen: Stop wurde erreicht
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SL reached with small profit.
My stop loss was literally the low of the day for my leveraged ETF, so congratulations to whoever pushed oil just enough to reach my SL before having it sell-off.
Thank you Perseus! Need more patience before it drops to 49. Oil ETF holding is a negative index now, if you see the ETF is staring to sell then the price shall fall, like gold ETF was selling to cause price going up. Please see my publish about the game of commoditiy for more details.
Victor.Y.F
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I mean, oil ETF holding is up oil price up, oil ETF holding is down oil price down, in condition of US consumers confidence is going higher for bring more demand to buy it down.
Victor.Y.F
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Sorry, I'm not familiar with the oil ETF. Just saying, the supply is down oil price down, now we could have some over supply. When the supply reaches the limit and consumers going higher then it shall fall.
GeorgeJimas
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@victor.Y.F, Sorry, I'm confused as to what you are saying.
The ETF I shorted oil through was HOD on the TSX. It trades -2x the price of oil. I will take a look at your chart now.
Victor.Y.F
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@Perseus, Lol, never mind... I agree with you idea.
GeorgeJimas
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@victor.Y.F, @victor.Y.F, Haha I'm sorry, we're clearly having a miscommunication here though.
That's typing compared to an actual conversation for you lol.
D1rtyCash
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hourly looking good maybe
D1rtyCash
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*****Daily*****
GeorgeJimas
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@JonnyP24, I agree with your chart, unfortunately I just can't hold this anymore.
Too much opportunity cost for me, I had a pretty large short going, and want to use it for other opportunities.