This Stock is Holding the 20 EMA on the daily chart.
Having is ADI over 30 and the Di Positive, look very well to enter a long if we go over yesterday highs or if we gap down and reclaim over the yesterday lows.
To understand better my strategy:
USOIL daily seems to be going for its last bullish extension leg to the 161.80% level. Though bearishness is still very much present, this market resembles a range before trend continuation impulse move. Lower timeframes for entries is the preferred choice. Wider stops and smaller size is also very important.
USOIL is going though a pullback phase, currently at 50% retracement and at 3.3 days' average price. Bears gapped down the grey shaded area around 6950, as long as the bullish gaps below are still open, bullish continuation has better odds. Upon closing higher than 6950 gap area, entering long with stops below 6920 seems reasonable, 2R-3R targets ahead.
The Pair seems to be playing within this upward channel.
The goal is to enter at the bottom of channel and ride a quick wave up to the top of the channel - whiich coincides with the beginning of the recent hard fall.
Caution turbulence on the way out - many fakeouts in the middle of the channel as we go through resistance bands.
USOIL is seemingly done painting a pullback pattern. It reached 0.618 retracement level of previous bear leg, as well the 0.236 fib extension is pointing to the same level. If this market continues with the recent downtrend, these two levels should attract supply and a break to previous lows can potentially occur. The inside fork's MLH on bear impulse move pivots...
We had a nice pullback in USOIL and price action now is clearly showing bullish trend continuation. Though this market seems overstretched, bulls are jumping on any chance they get to buy the dips. USOIL is seemingly going to test 7250 before any significant break.
We are currently in a sideways movement on USDJPY. A Running Flat Pattern looks to be the highest probability setup. However, it could become expanded. Look for buys until the reversal pattern presents itself for another move down. WE ARE WAITING FOR A BIG BUY to present itself at the end of the first quarter of this year. DONT MISS IT!
First off, please note that I am a swing trader. When I enter a position I am looking to hold anywhere from 1 day to 3 months depending on the momentum, but the average is around 7 market days for my hold time. Here are some quick bullet points on why I like this stock for this week:
-This sector (food and beverage) as a whole looks coiled and ready to go
As we see, the BTC just had a all time high, and if the pattern repeats, we can look into the future.
If I am right, then we will see one, or two days more of correction, and then the price should rise again.
So best would be to, of course, to buy low and sell high.
These are only my thoughts on it, so if you don't agree, don't trade it, since it is your only,...
Price action reversed from recent resistance turned support in the 4HR chart. so far bull momentum is strong as euro buyers takes advantage of ECB tapering expectation. Further Aussie weakness is forecasted today as Australia's quarterly Private Expenditure data is released.
Take Profit: 1.53
Stop Loss: Below 1.50 is ideal.