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

This is a follow-up video to my previous analysis on the USOil where we closed the week with close to 2,000 pips profit (see link below for reference purposes). Despite the drop in oil prices in the last couple of months to worries of recession, there appears to be some sort of recovery last week as prices climbed to close the week with a 4% growth. Could this be a reflection of renewed activities from China (the world's largest importer of crude oil) after the government relaxed COVID restrictions? Well, In this video, we looked at the charts from a technical standpoint where the importance of the current structure was emphasized as we look forward to trading opportunities from around the confluence at the $74 area 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.

Trade active:

So, price remains above the temporary bullish trendline identified in the video and price is within a tight $1 channel as the $74 level will be serving as the support level for the week in the meantime. If buy pressure continues above the $74, we will be aniticpating buying opportunities with additional position at the breakout/retest of the $75. However, if price breakdown/retest both or either the $74 and trendline, selling opportunities will be considered.

Good morning

Trade active:

Secure sell position as we look forward to adding more position if the market permits as price breaks the trendline temporarily.

Trade active:

Taken out of the sell position at break-even as price comes back to entry zone. If buy pressure continues above the $75 level, we want to get ready to buy but if sell pressure resumes below the $75 level, we shall be getting ready for sell re-entry. Update coming up soon.

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15 minutes timeframe check; Secure the buy position

Comment:

Ensure the buy position is secured as the current structure still has a tendency to accumulate sell pressure below the $75 area.

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Buy pressure continues around the $75 level

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Securing the buy position as price breaks above the $75 level

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re-entry update

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Secure buy position as sell pressure continues below the $76 level in the last 6 hours

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Sell pressure is observed below $76 in the last couple of hours as price action is currently trading on the bullish trendline where we shall be looking out for a signal in the form of either buying pressure on the lower time frame to join a trend continuation or a breakdown/retest of the trendline to incite a bearish move. Update coming up soon

Good morning

Trade active:

buy pressure resumes above the $75/75.25 zone

Trade active:

Secure the buy position while we look out for opportunities to add position at the breakout/retest of the $76 level.

Comment:

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Sell pressure resumes below the $76 level

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buy pressure resumes on 15-minute timeframe

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The $76 zone is looking very crowded now and I have manually closed all my positions as there is a tendency for "shake out" to happen at this juncture before the price moves in its intended direction. So, I will be waiting out for buy opportunities at the breakout/retest of the $76.40 level or sell opportunities at the breakdown/retest of the $75.50 level. Stay tuned in for updates...

Trade active:

With a breakout of $76.40 in the last hour, stop order above this level

Trade active:

Sellers continue to reject buy attempts at the $76.40 zone to emphasize the strength of the sellers at this point. So, a breakdown/retest of the $76 level could incite bearish momentum. However, if a breakout retest of the $76.40 zone we shall be getting ready to put up a buy position.

Good morning

Trade active:

Secure buy position as price breaks out of the $76.40

Trade active:

Secure all buy positions as we look forward to adding more positions at the appearance of buy pressure above the $77.50 level. You might want to watch the replay of our live session this morning for insight on how to manage this trade (video on my youtub channel).

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Secure the buy positions as price breakout/retest the new structure at $77.50 level

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For now, Its appropriate to just secure all the buy poisitions

Good morning

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Sell pressure resumes

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A simple bearish set-up is identified in the 15 minutes time frame as price action breaks down the $78.30 level. However, if the price breaks out of the newly identified trendline to the upside, then we look out for buy pressure above this structure to join a potential trend continuation to the upside.

Trade active:

Secure the sell position now as we look forward to adding another sell at the breakdown/retest of the $77.60 level

Trade active:

Secure all sell positions as price test the bullish trendline at the $77 level. Will buy pressure in the lower timeframe incite another wave of bullish momentum or a breakdown of this level will send the price crashing?

Comment:

Trade closed manually:

Take out with some small profit as the price breaks out of the trendline. Still looking forward to selling below the $77.60 to sell. However, if buy pressure continues above the trendline, we shall be anticipating buying opportunities.

Trade active:

15 minute time frame update

Price action caught within a flat channel in the last 12 hours. So, we shall be patient and wait out for a signal in the form of either a breakout or breakdown of the channel.

Good morning

Trade active:

Secure the buy position now as we look forward to adding another position

Trade active:

Secure the buy positions now. You might want to watch the replay of our live session this morning for insights on how to manage this trade.

Trade active:

Secure the buy position as buy pressure continues... Looking forward to adding another position if price breakout/retest the $80 level

Trade closed: target reached:

It has been a profitable week on the USOil and congratulations to everyone who was part of this journey!

Merry Christmas to you!