Technician
Long

WTI Crude Oil: Breakout Confirmed

FX:USOIL   Crude Oil (WTI)
3244 43 34
Following on my latest trade idea, the breakout scenario above main resistance was confirmed. I put a buy limit order near the broken resistance, where i am looking to long after a retest to it..

Good luck...
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Technician
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Good luck mate. Same plan as you except buying at 54 if ever go there. May I ask what is the logic behind that stop loss placement?
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Looks good technician. Thanks for sharing as always and Good Luck !!
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Good Luck, Luay. I am long CAD against JPY. Hope this idea contribute to the strength of CAD, and get me to my TP level. Good luck, Hamed.
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Technician TOP HamedAghajani
Good luck to you mate as well, CAD looks pretty bullish , hope you get out with some good profits
-1 Reply
Mr. Loay, do you think there is something is changing fundamentally about the US dollar?
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Technician TOP MuathAlBulbul
Recent economic data were pretty soft from u.s., Thats why we have seen this weakness, but generally speaking the outlook of monetary policy haven't changed, so any good data will resume dollar strength.. Watch the CPI tomorrow
-1 Reply
Looks like a complete rising wedge to me.
+4 Reply
Technician TOP IvanLabrie
its broken to the upside, and thats bullish
snapshot
-1 Reply
CAN YOU PLEAE TELL ME SIMBOL?
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symbol? this is crude oil cfd contract
-1 Reply
Isn't that a bearish doji?
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ChimbOt PRO Yahia.Awes
candle has not even closed yet
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Yahia.Awes ChimbOt
what happened now then? i think it is a bit too early for long, but we will see...
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Yahia.Awes Yahia.Awes
Anyway those who entered at 46 have nothing to fear
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Is it possible that I can get volume data on USOIL? Any trading volume data?
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any update please? thanks!
+1 Reply
hey wien, I think since we got 1st target hit, so we move our stops to break even.
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wien moneymaking
I guess so too, thanks! Just wondering what the adjustment would look like.
+1 Reply
No problem. Ya I also would love to hear what technician has to say about the current situation :)
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Technician TOP moneymaking
Nothing to add mate
-1 Reply
Technician TOP Technician
A gravestone doji on the daily, which is slightly negative indication
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moneymaking Technician
Ya I noticed that as well. But I think since it's not at a critical level, it should be invalid.
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Technician TOP moneymaking
We don't know in advance what will be a critical level. A critical level is created when price failed at , at a certain point.
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moneymaking Technician
I thought critical levels are the previous resistance levels at which market failed to break and close above those levels.
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Technician TOP moneymaking
True. But how was those critical levels created? so the same way market can create a new critical level
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Sachinsyd Technician
The high of doji came at 200dma/ema resistance. That is 1st tocuh since bear market. Ideally a strong resis? Further the huge drawdown in inventory and price reaction is negative.
+1 Reply
Sachinsyd Sachinsyd
I mean the 200dma/ema was hit on the futures chart in my MT4 terminal. Donno why Trading veiw shows it bit further up?
+1 Reply
moneymaking Sachinsyd
This is not the futures chart I believe. I might be mistaken.
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moneymaking Sachinsyd
I just opened up the futures char for oil (CLM2015) and I still don;t see the doji's highs touching the 200 ema. Could you clarify what time frame you are looking at?
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moneymaking Sachinsyd
Hey sachin, I have the 200 ema on my charts as well. I don't see the doji's highs touching the 200 ema. All I see is the market closing above 100 ema and the next target to exit ant long positions is the 200 ema on daily time frame. Do you mind sharing your chart with us? :)
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Sachinsyd moneymaking
Donno how to insert a url here.
+1 Reply
moneymaking Sachinsyd
Oh right. That;s alright, don't worry about it. Just let me know the time frame you are looking at and I'll open it up on my charts.
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Sachinsyd moneymaking
Daily chart
+1 Reply
moneymaking Sachinsyd
For the futures chart, I don't have the upgrade to pro level. I only use trading view for currencies. My futures are on a different platform. But here's my daily chart of crude oil futures (CLM2015):
snapshot
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moneymaking moneymaking
The data I get on this chart is delayed.
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Sachinsyd moneymaking
All I can do is email it to u. Or else open a demo on GCI MT4
+1 Reply
moneymaking Sachinsyd
That;s alright. You don't have to through that much effort to show me the chart. It will be better to wait and see what technician has to say about this. Thank you for the replies :)
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moneymaking Technician
ok, make sense. I thought candlestick patterns worked best when at really strong previous structure level. Like we really don;t know where the market will make the next critical level. But that's why we use previous levels to determine where it MAY go. I don't know if that makes any sense.
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Technician TOP moneymaking
Absolutely. You are right. But some times, new important levels are created while we progress, so we should keep that in mind..
+1 Reply
moneymaking Technician
Oh ya for sure. Totally agree. And we can identify these new critical levels by looking at price action, correct?
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Technician TOP moneymaking
To a certain extent. I think we don't have all the answers, we can sometimes and sometimes we cant. As you know it's all a betting.
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moneymaking Technician
Yup and it's good when we do have the answers :)
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Technician are you still long?
Crude Oil, bullish scenario, what do you think?
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