Oil has reached an important price level, which will determine the trend for the following week (at the very least). From here I see only three possible scenarios, starting with the most likely one to occur.
1) Price pulls back from the resistance level, as I presume a lot of people will be shorting the high level of 25th October. Alternatively, it can...
$OIL Weekly Analysis
From where we stand, today seems to be the day, which will determine the weekly trend. A bounce up in the $78.25 area should lead to higher high and a potential uptrend.
If the lower trendline doesn't hold, I will be opening a short, targeting at least $76.90 and potentially looking for stacking short orders.
Currently still in "'Sit Tight...
OIL Weekly Analysis (Short)
Currently price is in the upper part of an ascending channel, approaching a downtrend line. There's confluence of three levels here - the descending trendline, the ascending trendline of the current channel and a resistance level.
I am looking for a short position in the $78-$79 area with a relatively tight stop loss slightly above...
$SPX500 Weekly Analysis (Long)
Based on the formed ascending channel, I believe price is currently in overbought territory, and as such it will retrace back down to the lower trend line. The zone of interest is between $4,646 and $4,710.
That is of course in case the price doesn't go through the highest high level ($4,815), in which case I will either be buying...
S&P 500 Long Setup
🔵 Entry Level: $4485.5
🟢 Take Profit: $4598.5 (2.59R)
⛔ Stop Loss: $4441.8
- Expecting price to respect the lower trendline in the descending channel one more time before correcting to the upper one
- Entry level is also previous resistance level from August and September
SPX500 Short Setup
🔵 Entry Level: $4714.3
🟢 Take Profit: $4632.6 (2.61R)
⛔ Stop Loss: $4745.6
1) Resistance level
2) Expecting divergence in the RSI Candles indicator
3) Yet to test the lower trendline of the ascending channel
OIL Short Setup
🔵 Entry Level: $82.90
🟢 Take Profit: $78.42 (2.17)
⛔ Stop Loss: $84.96
1) Currently an overbought level, expecting a slight cool down after which a new move up should follow, taking us to the entry target.
2) If this setup turns out to be valid, the price should print lower high on the indicator, while making a higher high on the...
S&P 500 Weekly Plan
🔵 Entry Level: $4598.0
🟢 Take Profit: $4645.3 (2.05 R)
⛔ Stop Loss: $4574.9
🔵 Entry Level: $4651.8
🟢 Take Profit: $4599.4 (1.59 R)
⛔ Stop Loss: $4684.7
1) A clear setup would be opening a long position at what was recently resistance, as it is likely to be turned into support. However, this is too obvious of...
OIL Short Setup
🔵 Entry Level: $82.95
🟢 Take Profit: $79.49 (2.22)
⛔ Stop Loss: $84.51
1) Yesterday's trades went as planned, unfortunately, I wasn't behind my desk to assess the volume and take them, but If you did, good for you. We are approaching the middle trendline, so I expect a small retracement after that point.
2) I am also expecting a...
S&P500 Short Setup
🔵 Entry Level: $4577.3
🟢 Take Profit: $4532.0 (1.31R)
⛔ Stop Loss: $4612.0
1) We formed a double top and while the Risk-Reward-Ratio is not very favorable (just 1.3) the setup does provide for quick scalping.
2) With that being said, considering the spread on the platform you are trading (or commission) and the weekend fees (if the...
OIL Long Setup
🔵 Entry Level: $80.60
🟢 Take Profit: $82.84 (2.8R)
⛔ Stop Loss: $79.80
1) Apparently the two trades from yesterday failed and we went much lower than expected. The price is currently resting on the lower trendline of the ascending channel, so I am expecting a slight move up.
2) Target is set at the middle trendline in the ascending channel
Oil Long Setup - 3 Levels
🔵 Entry Level: $82.89
🟢 Take Profit: $85.29 (2.26)
⛔ Stop Loss: $81.83
🔵 Entry Level: $81.21
🟢 Take Profit: $84.35 (3.78)
⛔ Stop Loss: $80.38
🔵 Entry Level: $80.31
🟢 Take Profit: $82.83 (3.27)
⛔ Stop Loss: $79.54
1) I've marked the three levels of interest that I have for opening long orders. I will be monitoring each one...