USOIL is in the consolidation zone. Therefore, before it goes deep down, there still can be a correction or two which can be grabbed.
For today´s trade the pattern worked 100%
Please feel free to discuss and specially to criticize as this is my first idea.
Thank you for watching!
Comment
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Just a short update on an entering point, SL and TP:
Tomorrow it is the first day when the big holders of the chinese stocks can start selling them: limited amount and with 15 days previous advice but still (credit for a hint goes to BattleAxe!). Therefore, I´d expect a sort of selling off on Shanghai and Shenzhen markets, which may affect the whole APAC trading and bring the USOIL down for an additional 1-1,5%.
If this happens, you may monitor the status closely and place your order when the price starts climbing.
On Europe trading hours, you may find some good stats from Germany + Unemployment rate which would stabilize the price and lift it to today´s levels.
Finally, if the API report hints some storage reduction, this can catapult the price over 33
SL - 29.50 (Just below the 30 support level) TP1 - (considering, you´ve entered somewhere between 30.50 and 31) - Monday, 1st of Feb opening on 32.18 TP2 - 33 TP3 - 33.50
Thank you for reading! Please feel free to post your positive votes if you think that will work or negative comments if you consider the thingy doesn´t make any sense.
Trade active
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Worked perfectly until now. I´m in at 30.80
Comment
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The chinese Central Bank injected a new portion of money to the financial system. Clearly stating they dont want any surprise before leaving on holidays.
Good sign in my opinion : we have the Caixin services PMI tomorrow and also Governor Kuroda's speech. After that, the APAC zone may start it's pre-New Year ascending
Trade closed manually
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We are back to Red numbers on the stats from Russia: they pump oil on the record levels despite rumors of a reduction in oil production. Closed manually on 31.10 and now waiting for US market to open to decide whether Im back to the rumble today.
Trade active
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Trade activated automatically at 29.50, now moved SL to 29.80 as I won't be able to follow the Trade during the day
Trade closed: target reached
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Closing trade now on 31.70. Hope you had enough patience to get almost until the end.
Thank you for watching!
Trade active
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Should ahve posted that I entered the market at 32.50 and now preparing to close the trade as the TP3 is approaching. Want to check how the API report would influence on today´s trade and see if I can get to further profit
Trade closed: target reached
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OK, I stopped at 27.77. More than enough for that trade!
Sometimes it is really curious to see how the market performs. Among all rumours that Russia and OPEC may have hold talks on decreasing oil production, there were no any solid confirmation on the matter. Still, the quote went up around 7%, wasted. Looks like the sobering came in yesterday and today we had a huge hangover: OPEC, Russia and USA are on confirmed maximum historical levels of oil production and the reduction would not arrive in an overseen future (e.g. Russia may have a technical option of reduce the pumping only by July but not earlier than that).
Nevertheless, despite today´s performance, I don´t give up the idea of a small recovery, targeting 32.50 approximately by ther end of this week (closing levels on the 10th and 25th of January). Please notice we may have a "Head and shoulders" figure forming, therefore, after a climb by the end of this week, the quote may reach the historical minimums by the end of the next.
Entering point: 29.50
SL: 28.90, a small support formed recently over this quote
TP1: 31
TP2: 32
TP3 (very optional): 32.50
Sometimes it is really curious to see how the market performs. Among all rumours that Russia and OPEC may have hold talks on decreasing oil production, there were no any solid confirmation on the matter. Still, the quote went up around 7%, wasted. Looks like the sobering came in yesterday and today we had a huge hangover: OPEC, Russia and USA are on confirmed maximum historical levels of oil production and the reduction would not arrive in an overseen future (e.g. Russia may have a technical option of reduce the pumping only by July but not earlier than that).
Nevertheless, despite today´s performance, I don´t give up the idea of a small recovery, targeting 32.50 approximately by ther end of this week (closing levels on the 10th and 25th of January). Please notice we may have a "Head and shoulders" figure forming, therefore, after a climb by the end of this week, the quote may reach the historical minimums by the end of the next.
Entering point: 29.50
SL: 28.90, a small support formed recently over this quote
TP1: 31
TP2: 32
TP3 (very optional): 32.50