USOil | New perspective for the week | Follow-up detail
The previous month witnessed a 4% drop in oil prices despite the OPEC+ member's decision to cut a further 1.7 million barrels from its daily output, adding to an earlier pledge from November to take off 2.0 million barrels per day. The implementation of this pledged cut is supposed to begin next month - May 2023 and this could result in some interesting market influx as the month starts in the coming week. In this video, I shared with you my thought process from a technical standpoint as we plan to take a decisive position ahead of the market opening.
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.
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:
Fall out from our live session this morning; secure sell position
Trade active:
Outlook on the 15-minute timeframe;
breakdown/retest of the 74.95 welcomes more opportunities to add to our existing position. However, a breakout/retest of 75.10 will welcome counter-trend opportunity - a retracement of the bearish impulse leg.
breakdown/retest of the 74.95 welcomes more opportunities to add to our existing position. However, a breakout/retest of 75.10 will welcome counter-trend opportunity - a retracement of the bearish impulse leg.
Trade active:
Sell pressure continues, secure sell position
Comment:
Buying pressure resumes as price action finds higher low with a potential of breaking the trendline to the upside.
Good morning
Good morning
Comment:
Fallout from our live session this morning
Trade active:
Secure all sell positions
Trade closed: target reached:
Tp target hit with 500pips in profit on two positions
Trade active:
Following a profitable start to the month for us, the price tested the 71.50 level yesterday and has since caught within a consolidation around that zone ahead of the interest rate decision from the US economic docket. Are we going to see a reversal from this key level or a trend continuation to the downside? An update on a lower time frame coming soon.
Good morning
Good morning
Comment:
outlook on 15-minute time frame;
please note that we await confirmations after breakout
please note that we await confirmations after breakout
Trade active:
Secure sell position
Trade active:
Secure sell position
Trade closed: target reached:
TP target hit with 400 pips. We shall talk on this in detail during the live session
Good morning
Good morning
Comment:
Fallout from our live session
Trade active:
Secure sell position
Trade active:
Selling pressure continues
Trade active:
After being taken out of the previous sell poision, price action triggers buy order followed by the breakout and price action appears to be going through the retracement of the breakout of the neckline @ 69.30.
Trade active:
It is time to secure all the buy position as price action breaks out of the neckline at the 69.30 level for the second time in the last 12 hours. More details during our live session today.
Good morning
Good morning
Trade active:
Fallout from our live session, secure position
Trade active:
More buy positions added, secure the buy positions as we look out for more opportunities
Trade active:
Secure all buy positions as we are not sure if the buyers will be able to hold this momentum following positive and beyond-expectation data from the NFP.
Trade closed: target reached:
TP target hit on the first positions with approximately 400pips; secure the third position
Trade smart. Trade consciously
Good morning