We have a ascending broaden wedge and a broken trend line ( light blue line), I honestly expected nice bullish movements after the broken trend line but that didn't happen due to retracement in USOIL and weakness in DXY due to rate hike delay. The retracement in USOIL is over now and we are heading down once again, also DXY has been forming a very nice bullish status in the past week. With the current information we have, we reach the conclusion that the up trend I was expecting about 3 months ago might have finally arrived. We need to get out of the current consolidation ( purple box) to confirm the bullish trend.
We know that the ascending broaden wedge is normally a bearish formation, but am expecting another leg up before we head down for a very long term.
4hr -
We have broken the consolidation in the 4hr, but not in daily, this put us in a uncertainty of what next week brings. If we do break the the yellow trend line then we shall head down to the bottom of consolidation box, if not then the up trend we spoke about is intact.
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Looks like we are heading upwards as expecting, we need a daily close above the consolidation area ( purple box ) to confirm.
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setting SL at 1.31000
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progressing nicely and slowly.
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longs still doing fine.
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Settling SL at B/E now, so if it hits, its break even
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this is starting to look nasty, am closing it with 45 pips.
downside is still limited.. 1.315 will decide and it can jump again towards 1.329 or 1,324
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yes it is, oil is still very bearish and this USD weakness we are having right now is for a limited time, but I closed the trade anyway for those who are following so they can keep the 45 pips, till the next bullish formation arrives ;)