USOIL
A full analysis of my Friday USOIL WTI analysis throughout the day.
Base on circle one we can see that the candlestick hit the top of bollinger band and got a good rejection wick then it drops down below the last support and below that circle you can see the rejection at the last support as well which then the bullish movement started.
On the next circle you can see a rejection on 21 Aug at 10:00 from the top of the band which then started the bearish movement which eventually went all the way down way below the last support last drawn. Between circle 2 and 3 there were a few rejections which push the movement to be bullish up to the top resistance/top band. It then stayed in the top zone for a bit then second zone which then it was a sideway movement for a bit until the crucial time on the forth circle which when we entered the US session.
Now base on the latest oil report, I think 2 - 3 days ago we saw a bearish movement after a consecutive day or 2 or bullish movement but it was not as much of a big drop as many were expecting. Base on past experience of news trading on oil, the big movement could happen on the last day of the week on US session so I held my position even after the rejection when the candlestick on 30 Aug 19 10:00 to find myself in a big drop after an hour of US session. Also given that this session will be the closing candlestick for the month, when you look at the monthly and weekly time frame I see that we are still in the bearish movement so from that I was expecting a big drop.
I am quite happy it came out the way I thought it would but there was surely a lot of uncertainty on my mind on the rejection at 10:00 30 Aug 19. As per next week there might be a gap and the first candlestick might be a decent bull but we will see.
Also thank you to people who saw my analysis and left a comment on it and also thank you to people in the oil chat room, hopefully soon I will be able to have a conversation with you all when my reputation allow me to. I will see you all on Monday.
Any comments are welcome as it will help me grow to be a more knowledgeable trader.