Oil prices did not advance beyond the surge to the $81.20 level, which came on the back of the announcement that the world’s largest oil producers will collude to cut a further 1.7 million barrels from the daily output. The inability of prices to go any higher could not be unconnected to some of the larger economic worries in the market. Hence, throughout the course of last week's trade, we witnessed price action traded within the $81.20 and $79.50 zone. From a technical standpoint, we have no choice but to remain patient for either a breakout or a breakdown of the channel for trading opportunities in the coming 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.
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Ranging continues but in a tighter scope since the beginning of the new week. So, we shall remain patient for a signal in the form of either a breakout or breakdown of the channel for trading opportunities.
Good morning
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Be on standby as buying pressure resumes
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Sell position triggered, secure sell position
Trade closed manually
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Price action takes out the sell position with a small profit as we return to the status quo.
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Secure sell positions
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The choppy situation continues hence we need to be patient for structures to mature for trading opportunities.
Good morning
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!5-minute timeframe outlook
With the new trendline as our guide, a breakdown retest of this structure will welcome selling opportunities
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Secure sell position
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Secure all sell positions as we look out for more opportunities
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Price action takes out the sell position with a small profit and triggered the buy-stop order. Secure all buy positions
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Secure all buy positions as the price finally breaks out of the resistance line at the $81.20 level for the first time.
Good morning
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UPDATE
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Secure the buy position
Comment
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NOTICE
We are waiting for 1H candle to close on all pairs for our next line of action.
PATIENCE!
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99pips running in profit, secure buy position
Trade closed: target reached
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TP target hit with 130pips in profit. Looking forward to more opportunities
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Following our last profit taking, we still remain patient for another trading opportunity
Good morning
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Now that we have a breakdown of the support line at the $82.80 level, let's see if this will turn out to be the signal we are looking for to sell.
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Secure the sell positions
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66pips profit running, Secure the sell position
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Secure all sell positions as we look forward to more opportunities.
Good morning
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Just as discussed, new structure identified
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Just as discussed during our live session, a reversal pattern is identified hereby increasing the poitential of a bullish trend continuation.