USOIL to hit $34.00 Trade Analysis of USOil by WAVE FX Academy
Hi Traders, here's my Analysis on USOIL
Daily market in key support structure, to form a double bottom pattern. Strong bearish momentum in market, but we can expect a retracement before bearish trend resumes.
On the 4Hr timeframe we are seeing confluence with the daily support also in a key structure however, the market is still heavily bearish and we can expect for this trend to continue.
Though I am expecting a rejection of support, my overall bias is SHORT and to see price action hitting the $34.00 zone. I will however be monitoring the price action on the 1Hr timeframe for added confirmation based on one of my trading strategies.
An entry will be taken ONLY if all the rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.
Daily market in key support structure, to form a double bottom pattern. Strong bearish momentum in market, but we can expect a retracement before bearish trend resumes.
On the 4Hr timeframe we are seeing confluence with the daily support also in a key structure however, the market is still heavily bearish and we can expect for this trend to continue.
Though I am expecting a rejection of support, my overall bias is SHORT and to see price action hitting the $34.00 zone. I will however be monitoring the price action on the 1Hr timeframe for added confirmation based on one of my trading strategies.
An entry will be taken ONLY if all the rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.