I have published USOIL 2hr forecast on Friday, however I have not paid attention on 4hr chart, where 44HMA has crossed 77HMA. That's why to look throught higher time frames is so important when you enter a trade.
Now I could see on 4hr that possible ABCD was formed. So to sell Oil till 1.0 or 1.618 extension looks like a good try.
I have published EURUSD 1hr forecast on Friday, however I have not paid attention on 4hr chart, where 44HMA has crossed 77HMA. That's why to look throught higher time frames is so important when you enter a trade.
Now I see on 4hr chart that 44HMA has just crossed 200HMA and Friday's move looks like a false break of a Parallel Channel upside. So, I would prefer...
1. 44HMA has almost crossed 77HMA on Monthly chart. It is a very strong signal usually.
2. Potential ABCD was formed on chart.
3. Double Bottom potential looks eye-catching.
4. Imperfect H&S was formed.
I have opened a short position in Oil after yesterday's try to long a pair.
1. A channel seems to be broken downside. We have 2 options - further falling or retest of a channel (with possible return back into it).
2. You can see old blue parallel channel which has been forming since 2015. That's why I generally very Bullish in Oil.
3. However, the channel was...
I have opened bearish position in Gold however looks like it is very danger to enter any position now.
But potential of ABCD with 1.618 extension looks very promising and also 44SMA is below of 77SMA forming my Bearish view.
It often happens that ABCD or SMA(HMA)-cross lacks of success and fails. However, when I see few Technical Analysis tools showing the same direction, I will think twice before I choose opposite direction.