The interesting thing is that oil is in an incredibly strong trend and still there are so many people trying to pick a top, it is completely idiotic to sell short on a day like today where there aren't any signals of a possible (shortterm) reversal. Let's change the site to EliteGambler.
SHORT oil @$125.55 and up
- Thread starter 5Pillars
- Start date
The interesting thing is that oil is in an incredibly strong trend and still there are so many people trying to pick a top, it is completely idiotic to sell short on a day like today where there aren't any signals of a possible (shortterm) reversal. Let's change the site to EliteGambler.
Ok, I am willing to learn, how did you determine it was overbought, and I am not even disagreeing with you, however, people are posting trades every 30 seconds on here without giving detailed information why, target, stoploss, timeframe, etc. Once this information is given, than there can be a discussion on opinions which is the main purpose of a forum.
S/R levels as well as price action. Also daily range over past several days and the breakout today to the levels seen. Seemed to be holding that area (as seen by price action and can be seen as of writing) but now seems to be forming support there. If there is no pullback, we will see a continuation of new highs which has been the trend and nothing new.
