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Price action confirmed the uptrend line. With OPEC seemingly pushing prices down, even cutting the demand forecast last week, this could be a good opportunity to sell oil this week if we see an impulsive break lower.
Price reached strong resistance level
- 0.886 of XA
- 1.618 of BC
- Top of channel
- ab=cd pattern completed
time to short oil.
Trading strategy 1 (Blue arrow)
If price holds above C point,
take long with small SL at support level.
Trading strategy 2 (Red arrow)
If price break-out potential neck line,
take long when price is corrected.
Also if price break out B point,
we may consider BAMM of harmonic pattern.
Both Strategies have great RR ratio, around 4~5.
The rarely published chart of the Dukascopy forecast for the global oil prices.
USOIL showing Gartley pattern is completed and this is maybe the last chance to rebound before breaking the trend line support..
In case of Evening Stars in 72 percent of cases trend reverse. Ranks 10th among reversal patterns. Here we have it off an important monthly level, also off upper Bollinger band. Target after Fib extension (coincides with Bollinger band and daily Fib level).
If 66.65-66.56 holds, I'll look for longs with SL just below level.
Instead of a consolidation the price pulled back just below the 0.618 Fibonacci retracement level on 1D (67.00), completing the latest Higher Low on the long term 1W Channel Up (naturally now neutral on RSI = 54.187, ADX = 26.022, CCI = -22.0485, Highs/Lows = 0). We are buyers again, expecting 1D to break into neutral levels as it fills the 70.85 gap. 4H already ...
Today $73 is a very crucial trading level and crude oil can stay bearish below this level to target $72.10 and $71.75. Good luck!
i short usdcad because oversold to much and need a pullback on old Highs
After Trump pulled the US out of the JCPOA, oil ripped higher to test the 100% extension off the 2016 low -> Jan 2017 high. Will subsequent fallout from Trumps decision push oil through this resistance and into the key area of ~$76. Up there we have the 61.8% retrace off June 2014 -> Feb 2016 fall, and it has been a key pivot in price from all the way back in ...
Oil failed at a double 161% extension. Which means potential 5-0 / Shark patterns ongoing. Speculative of course. Any break above recent high ($70) and it's invalidated
Oil "appears" toppy but is strong trading week of 04/15.
After a $3 pullback week of 04/01 WTI saw a significant jump despite inventory numbers proving Bearish week of 04/08. This was accelerated due to obvious fundamental forces. But also, see my prior study below and notice how the technical's were demanding a $67 price point before last weeks Syria drama took ...
ny journey is normally predetermined with some planning (what time is my bus, flight, train?, what time should I leave home, hotel?, where will I get fuel, accommodation, meals etc).
All sensible trading should have similar plans, and back up plans.
Lately I have noticed considerable ES activity outside US trading hours. This must scare some traders when they are ...
The price shows a very strong downwards momentum but as recovered from recent news. however, the Oil output is expected to rise over the next coming months and this will be extremely bearish for the commodity as oversupply will flood the market.
Cautiously can buy AFTER the break out and be careful about the Wednesday "Crude Oil Inventories" news
Going to see some more sideways action for at least 7 more days before eventually running up. I'm holding, +70% gain so far.
Wave Structure & Levels