This is a 1 Month Chart.
Currently I am trading and still maintaining financial instrument 3 x leverage ETF tracking WTI Crude on the LSE
Yesterday's 07/09/2022 Technical Analysis was a success with the price of WTI Crude closing 81.90 USD and briefly reaching my profit target and
EXIT POINT @ 81.53 USD during the American session of the trading day.
At the time of writing during the Asian session the price of WTI Crude is trading above the previous day close and the current day Dynamic Circuit Breaker Reference Price (DCB REF PRICE) of 81.90 USD
aswell as below the
200 Day MA on the 1 Year Chart @ 95.50 USD
200 Day MA on the 1 Month Chart @ 87.00 USD
200 Day MA on the 5 Day Chart @ 83.00 USD
On the 5 Day Chart I have indicated the trading period for today with two black vertical line on 08/09/2022 DATELINE I 00:00 UCT +2
which will mark the start of the trading day for the October contract and 09/09/2022 DATELINE II 00:00 UCT +2. On both DATELINES I have traced the Fibonacci retracement tool to the UPSIDE as indicated in GREEN from the
current day DCB REF PRICE @ 81.90 USD (as indicated as a horizontal BLUE solid line on the chart)
and to the DOWNSIDE as indicated in RED from the current day DCB REF PRICE to +10 to the UPSIDE and -10% to the DOWNSIDE of the DCB REF PRICE.
This is the Maximum expected range of volatility for the day.
Today I have noticed this consolidation phase on the chart during the Asian session
with the 200 Day MA 5 Day Chart @ 83 acting as Resistance and the Fibonnaci level 0.5 @ 82.56 USD acting as Support.
I have extended yesterdays 07/09/2022 TRENDLINES I & II to intersect with todays DATELINE II and created a addition trend line by using the median of the previously mentioned trendlines
to project 3 potential scenarios labelled TRENDLINE I, TRENDLINE II and TRENDLINE III (as indicated by diagonal blue lines on the chart) to indicate where the price WTI CRUDE might close today as those lines
intersect the DATELINE II
83.30 USD = TRENDLINE I
79.47 USD = TRENDLINE II
75.64 = TRENDLINE III
83.30 USD seems most unlikely due to being above todays 200 Day MA 5 Day Chart @ 83 acting as Resistance
and outside of the range of Risk/Reward/Ratio 1:1 @ 1.89% using the Long/Short Position tools labelled in Green an Red between the time period of 09:00 and 17:30 UCT +2
79.47 USD is my EXIT POINT for today being the median between Trendline I & III as well a being near to the median between the psychological level of 80 USD and Lower Fib level 0.618 @ 78.77 on DATELINE II
75.64 USD seems too bearish for the day but probable for the end of the week since the curve on the 50 Day MA on the 5 Day Chart established aprox 07:00 UCT +2 seems to be forward indicator regarding this.
So my trade for today is as follow...
POSITION: SHORT
EXIT POINT: 79.47 USD (TRENDLINE II)
STOP LOSS : 83.57 USD
ENTRY POINT: 82.75 USD
FINANCIAL INSTRUMENT: 3 x leverage ETF tracking WTI on the LSE
Expected Profit 12% and Expected Loss 3%
Currently I am trading and still maintaining financial instrument 3 x leverage ETF tracking WTI Crude on the LSE
Yesterday's 07/09/2022 Technical Analysis was a success with the price of WTI Crude closing 81.90 USD and briefly reaching my profit target and
EXIT POINT @ 81.53 USD during the American session of the trading day.
At the time of writing during the Asian session the price of WTI Crude is trading above the previous day close and the current day Dynamic Circuit Breaker Reference Price (DCB REF PRICE) of 81.90 USD
aswell as below the
200 Day MA on the 1 Year Chart @ 95.50 USD
200 Day MA on the 1 Month Chart @ 87.00 USD
200 Day MA on the 5 Day Chart @ 83.00 USD
On the 5 Day Chart I have indicated the trading period for today with two black vertical line on 08/09/2022 DATELINE I 00:00 UCT +2
which will mark the start of the trading day for the October contract and 09/09/2022 DATELINE II 00:00 UCT +2. On both DATELINES I have traced the Fibonacci retracement tool to the UPSIDE as indicated in GREEN from the
current day DCB REF PRICE @ 81.90 USD (as indicated as a horizontal BLUE solid line on the chart)
and to the DOWNSIDE as indicated in RED from the current day DCB REF PRICE to +10 to the UPSIDE and -10% to the DOWNSIDE of the DCB REF PRICE.
This is the Maximum expected range of volatility for the day.
Today I have noticed this consolidation phase on the chart during the Asian session
with the 200 Day MA 5 Day Chart @ 83 acting as Resistance and the Fibonnaci level 0.5 @ 82.56 USD acting as Support.
I have extended yesterdays 07/09/2022 TRENDLINES I & II to intersect with todays DATELINE II and created a addition trend line by using the median of the previously mentioned trendlines
to project 3 potential scenarios labelled TRENDLINE I, TRENDLINE II and TRENDLINE III (as indicated by diagonal blue lines on the chart) to indicate where the price WTI CRUDE might close today as those lines
intersect the DATELINE II
83.30 USD = TRENDLINE I
79.47 USD = TRENDLINE II
75.64 = TRENDLINE III
83.30 USD seems most unlikely due to being above todays 200 Day MA 5 Day Chart @ 83 acting as Resistance
and outside of the range of Risk/Reward/Ratio 1:1 @ 1.89% using the Long/Short Position tools labelled in Green an Red between the time period of 09:00 and 17:30 UCT +2
79.47 USD is my EXIT POINT for today being the median between Trendline I & III as well a being near to the median between the psychological level of 80 USD and Lower Fib level 0.618 @ 78.77 on DATELINE II
75.64 USD seems too bearish for the day but probable for the end of the week since the curve on the 50 Day MA on the 5 Day Chart established aprox 07:00 UCT +2 seems to be forward indicator regarding this.
So my trade for today is as follow...
POSITION: SHORT
EXIT POINT: 79.47 USD (TRENDLINE II)
STOP LOSS : 83.57 USD
ENTRY POINT: 82.75 USD
FINANCIAL INSTRUMENT: 3 x leverage ETF tracking WTI on the LSE
Expected Profit 12% and Expected Loss 3%