USOILSPOT | New perspective for the week | Follow-up detail

By the end of the previous week, the Oil prices appear to have stabilized in a trading range between 74.00 and 67.00 per barrel. Sluggish data coming in from the Chinese economic docket (the world's number one importer of crude oil) is not helping matters at all; with a 1.4% decline in imports and an 8.5% drop in export growth. The economy seems to be struggling and there are insinuations that demand for oil might also slip in the world’s largest importer of the commodity thereby prompting traders to slow down. In this video, we used the current technical setup identified on the 4H timeframe to identify potential trading opportunities ahead of the new week.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Comment:

Price action currently going through an indecisive phase as trading remains just around the key level identified in the video around the 70.00 area. We shall patiently wait for trading opportunities at either a breakout or breakdown of the new channel identified on the 1H time frame.

Good Morning

Trade active:

A choppy structure was noticed after the breakout/retest of the 70.00 zone. Secure the buy position as we look out for more opportunities.

Trade active:

Secure the two buy positions as sellers struggle to negate bullish moemntum

Trade active:

Buying pressure continues

Trade closed manually:

After being taken out with approximately 200 pips profit; price action appears to be going through a consolidation phase. We shall wait patiently for structures to mature for the next line of action.

Good MOrning

Comment:

Fallout from our live session this morning

Trade active:

Secure sell position

Trade active:

Selling pressure continues.

Good Morning

Trade active:

The fallout from our live session; breakout of the 70.91 and the trendline triggers our buy position; secure position as we lookout for more opportunities.

Trade active:

Secure all buy positions

Trade closed: target reached:

TP target hit - 470pips

Comment:

Since hitting the TP target yesterday, price action falls into a consolidation phase hence the need to remain patient for structures to mature for the next line of action. An update coming up soon.

Good MOrning

Comment:

Outlook on 15-minute timeframe

Trade active:

Secure sell position

Trade active:

Secure sell positions

Trade active:

Buying pressure springs out of the potential buy zone identified yesterday to incite a bullish momentum which I have missed. Waiting patiently for confirmation to join

Good MOrning

Trade active:

Fallout from our live session this morning. Secure buy position

Trade active:

Two buy positions now running, secure all position

Trade active:

Price action takes out the buy position with a small profit. Trading currently happening within the potential buy window and ascending trendline identified earlier in the week. Whatever happens within this zone in the next couple of hours will decide what our next line of action will be but I am closing for the week now.