On the H4, with price the break of the ichimoku cloud , we have a bearish bias that price will continue to drop from our entry at 106.82 in line with the horizontal swing low resistance to our take profit area at 101.22 in line with the horizontal swing low support. Alternatively, price may reverse off and rise to our stop loss at 112.04 where the 23.6% fibonacci...
The current structure on the UKOIL chart, illustrates that the bearish phase is still not finished. A pullback to the gray supply area is highly expected due the validation that I got from the RSI divergence made by the 2H OB.
I'm proud of this because it has taken me over 50 forecasts on oil to get 1 right (Even though it was shy a few pips). But I guess the older traders were right in saying "Always believe in your analysis". Just to show how crazy it is, Look at even how I drew the pullback.🥲🥲
Hello friends . The triangle correction pattern is complete. The first wave is diagonal, the second wave is zigzag. Probably if the trend crosses the midline of the channel and then exits the channel, it is more confirmation of the uptrend. If it is invalidated, a complex combination will probably be formed. Farewell
UKOIL is testing resistance zones.
A false break is going to be the perfect signal to sell.
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Hi traders.
I use the supply-demand method for my analysis.
Check the lower timeframes for confirmation and entry. (5m,1m)
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What do you think about this setup?
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Everything I share is how I trade personally. 😉
Enter the trade by checking yourself.☑️
Do not put more than 3% of your capital at risk! ❌
Insider: G-7 talks with India and China on oil price brake positive
G-7 talks with India and China on a plan to cap the price of Russian oil have been positive, according to an insider. The two buyer nations have incentives to comply, a person familiar with the discussions says. A cap on the price has not yet been set, he said. However, it would have to be high...
Instrument:- Brent Oil vs USD
Position:- Long
Timeframe:- 1 Hour
Method:- Dow Theory + Candlesticks
Reason:-
* Multiple bullish candlesticks (Candlestick analysis)
* Price in Uptrend with Multiple Higher highs and Higher Lows with no break in the uptrend (Dow theory)
Entry @ CMP (113.80)
Take Profit @ 117.83
Stop loss @ 111.68
Risk to Reward :- 2:1
Crude is in the spotlight for many different reasons. The commodity is a key pricing input for other assets. Breakeven inflation rates are being driven significantly by the movements in crude. This obviously has feed through into rates and Fed policy settings.
The rally on Friday has been continued this week as supply and demand jostle for dominance. The G7...
BRENT(UKOIL) H1 CHART
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If you have another analysis at this pair, please share in comments, I will be glad to discuss with you.
