Hello everyone, as we all know the market action discounts everything :)
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Oil prices surged above $83 per barrel in volatile trading on Thursday, recovering from significant drops caused by concerns about rising US inflation, as OPEC reduced its...
Within the current setup, we are expecting WTI to fall a bit further. The goal of the current movement lays around $78.59. After hitting this area, the price should massively increase again.
Happy Trading!
Hey traders, in the coming week we are monitoring USOIL for a selling opportunity around 83.5 zone, after USOIL breakout of the uptrend at 4h frame we will consider selling at the retracement once we receive any bearish confirmation.
Trade safe and use proper risk management.
Joe.
Pattern: H+S, TREND
Confirmation: trend rejection, awaiting neckline break
Entry: Good R:R trades can be started in a sell towards the neckline. If this fails and we break trend we simply become bulls
OIL have at present positive momentum.
TP1: 84
TP2: 85
Be careful, patient and discipline.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market.
But you must do your own research and use it as the priority. Trading is risky, and it is not suitable...
USOIL is ultimately bullish however, I believe that we will see a retracement to $72.61 a barrel due to it's previous pullbacks to the bullish trendline as we have experienced in the past few months
Please catch the live analysis here.
WTI oil continues to rise along with other commodities. Recently, USOIL reached our short-term price target of 82.50 USD and then our medium-term price target of 85 USD. In light of these events we would like to change long-term price target of 90 USD to medium-term price target. In short-term we remain neutral as price of USOIl remains overvalued at the moment....
WTI is for now still in strong move up and it wouldn't be a good timing to short now.
However i would look out on continuation into the 85$/90$ long term resistance in order to try for a short trade.
Before entering i would wait for the MACD to turn red and upper BB to start closing, until this 2 conditions are not meet, there is no question to short this...
Risk 1% and aiming for 10% on this trade. No indicators used. Pure price action. Like to keep my chart clean. Simply trading structure, nothing else!!
All trades closed on the same day. Entries are taken on 1 min chart. Stop loss is moved to cost after structure break. Don't chase the trades, wait for the next opportunity.
Mostly trade 12-5pm UK time NY session....
Risk 1% and aiming for 10% on this trade. No indicators used. Pure price action. Like to keep my chart clean.
All trades closed on the same day. Entries on 1 min chart
Mostly trade 12-5pm UK time NY session. Sometimes London Session. Don't like the idea of watching charts the whole day.
USDWTI H4
More major corrections are being seen now, as we pinned into that yearly high price of 76.60/barrel. Minor break and retest play was being seen as we trading amongst our interim zones.
However, a healthy correction to see us pullback between our 50/618 fib support would tie in nicely with previous S/R and could set us up nicely for a long position...
Yesterday, after a short-lived spike above 76, WTI reversed strongly confirming this zone as strong resistance
A deeper correction can follow from this point and we can look to sell rallies under 76
A daily close above resistance would negate this scenario
H4 time frame.
Structure: Downtrend.
After the price rose to the important Key level of 70.00, there is now a head and shoulders - reversal pattern.
Now waiting for the price to clearly break this reversal pattern or break the Key level up move at the price of 67.000, we can find selling opportunities.
The profit target is the 62.000...
