The price is returned for the retest level the previous touch of the level more than 1 year ago. Moreover, a strict number of false breakdowns.
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My previous bias of 54.20-40 still stands for oil, I mentioned in all the previous videos that the current trading range will be choppy and we will see consolidation.
Everything going to plan so far with oil, looking to take shorts at the liquidation zone. This is my last post until my shorts are activated, do not get caught out shorting at 53.80.
Biden is pro...
Here is the oil breakdown video. I go into a rant which I am sorry about but the lack of trader psychology and close mindedness when it comes to market pattern set up annoys me deeply.
Hope you guys enjoy.
So oil is coming up to our shorting region, due to this I have done a technical analysis video for you all to watch.
This video shows that trading is simple but only if you keep it that way.
-Use previous price action and market structure to create set ups and opportunities
-Use higher time frames to get the full picture
-Keep the charts plain and simple
This is not the best setup , I'm not going to trade this because right now there are much better possibilities on the market.
The 2 reasons it's worth taking a shot :
1. 200 SMA
2. Time wise we are arriving into the timing band of the possible ICL decline.
After the severe declines the 200 SMA acted as an important resistance many times
Looking to catch an intraday movement here. Very risky trade due to the volatility oil displays at this level. Always trade with caution and use correct risk management.
A close above the trendline could push oil further up towards our short region.
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Oil Long Position
TP & RR: $54.12 (2.49)
Stop Loss: $52.76
REASONS FOR THE TRADE
If you followed my trade idea from yesterday, then you should have an open short position at $53.55. I was expecting a lower high, but instead, the price formed a double top. Our SL wasn't hit.
Anyway, I believe a new uptrend channel has formed and in order to...
Oil has started to form a double top around the $53 region with a key fib level of 0.786 @ $51 being broken recently and the price will most definitely return back to it. I'm anticipating a big drop, either immediately or via a delayed move back down to the 0.618 fib via H&S which if broken could see a drop to the 0.5 fib @ $32 acting as strong support. With the...
This MTF Killer Zone, its drawn when yesterday or the last period closes, it so powerful .
The way I use it is buying and selling as a support and resistance zone (but its not support and resistance analysis) or at a retest when it break, and if its not touched by the price today or in the current period ... than the zone will be still valid for any time in the...