Use this as a guide to develop your setup.
Main items we can see on the 1H chart:
a)Price Couldnt Broke the primary ascending Structure, and it failed several times on the past (Weakness of the Bullish Movement)
b)On MACD we can see a Bearish Divergence (Weakness of the Bullish Movement)
c)Now we will wait for a Re-Test of the White trendline, and after that, we...
Oil remains bullish but is reaching some resistance and the up move will either explode or stall.
will look long if top red zone becomes support. and short below red zone showing a few support areas that could keep the bull alive.
remember oil inventory report today at 11:00 est so play safe.
oil has moved to the bottom of its bigger range and we get to see if that is support or further weakness steps in. The test off the bottom of the red zone or a break above red top both could be good trades back to the 57.5 area and we will still be in the consolidation.
As of this typing a bigger up move is happening and will give a clue as to further strength...
oil action is short but in range and balanced inside a larger consolidation. We have a small and large red zone, one for the big consolidation and then one for the last hours of action. bit one is 57.60 to 55.75,
I will be looking for trades to remain inside the big range and will use that as targets and or entry points till we move out of the range.
Yesterday we didnt get any pullback, but lets see if we can get one today.I consider it as pullback already happened if you can see that wick to the area and rejected...just want to see a nice bullish candle to enter.
Everyone involved in FX trading has their eyes peeled on price charts and fundamental data that comes out every first Friday of each month, when Non-Farm Payrolls data is made public for the month before. This creates volatility during the day, and also a very significant price level where the market reacts, either being attracted to or rejected from the...
CL is making a serious attempt to break out of the composite of last few sessions, so we go to give it the benefit of doubt :)
57.40-50 remains the trend decider for today.
1. test and hold of that for a long side play to test 57.90 and 58.10
2. Hold below to get back into the range of 57.20
Nice bounce in oil keeping it inside a big range, creating what i think will be a very sideways day.
A break below red zone low should see a move to 56.65 that is about the only edge I have today in oil.
The current move is a bit short but balanced, so thinking we will open test top of balance or a bit higher and then move down to test the red zone bottom. I maybe waiting it all out until post 10:30 report and see what side gets the driver.
after close oil has remained in a balance consolidation and now looking at the Red zone to be very important to the next move for oil.
Will look for a range bound trade inside the red zone and only lean the direction of the break out after it happens.
Oil is having a strong up move taking us to a higher distribution and if we remain above the Red zone top I think we could get to 55.30.
In the event we move back inside the red zone very likely chop.
Move below red bottom only think we get to first lower blue target.
Trade I like is a test of Red top for a long!
Oil is in a down trend stuck between 2 distributions so a move below red bottom should have us go back to a choppy trade in the 53.50 area and a move above the top Red zone should produce the same chop 55 area. now that could provide some nice bottom zone longs for .8 points long and a short from top of .7 points.
Today due to oil inventor report at 10:30 and interest rate announcement at 2:00 the red zone will be larger, And this also makes since seeing that after RTH session yesterday we forma big balance zone.
I will be careful today but until we clear this zone will be looking for trades back and forth inside the red zone.
Use this as a guide to make your own setup
Main items we can observe on the Daily Chart:
a)The price is against a major Support zone tested multiple times
b)Currently, we can see a corrective structure close to the support zone and the Descending trendline
c)We expect a breakout of the corrective Structure + correction below it
d)If this happens and the support...
we are moving in a downward direction and could see this continue to at least 54.25 area. I would like to see a bounce up to short but will see how we act around the red zone. a move back above 55.60 should take us back into the upper distribution and have us enter chop around 56