USOil | New perspective for the week | Follow-up detail

This is a follow-up video to my previous analysis on US Oil commodities where we scooped close to 2,000 pips profit to start the year on a profitable note (see link below for reference purposes).
Tagged the worst trading starts for a year since 1991 - The US Oil posts its biggest weekly loss in a month after reversing gains prior to the U.S. nonfarm payrolls event where it drops by 10% to close below the $75 level. Since testing the $73 level on Wednesday, price action has been caught within a tight two-dollar channel between the $75 and $73 range for the latter part of last week's trading session to signal a level of indecisiveness in the market. This video illustrates a technical perspective on what to expect in the new week as we look forward to either a breakout or breakdown of the channel for signals.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Trade active:

A bullish gap was noticed at the market opening. The anticipated signal appears to have happened; a buy position was triggered as price action breaks out of the channel with a new support level for the week sitting at $74.50.

Good morning.

Trade active:

Secure buy position as a new trading set-up is identified on the 15 minutes timeframe

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Price action takes out the buy position with about 130 pips profit at the breakdown/retest of $76.20. Well done to you if you had taken advantage of the counter-trend opportunity at the breakdown of the $76.20 level, secure the sell position while we wait and see how far this retracement phase will go before another wave of bullish momentum will begin. Update coming up soon

Comment:

You might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade

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With over 100pips running in profit, secure the sell position as we look forward to how price action reacts to the $75 level. Buying pressure on the lower time frame will probably incite another wave of bullish momentum but if the price breakdown/retest then we will be getting ready to add another position to our existing position.

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Price action retest the $75 - a level that was broken this morning by bullish momentum and soon as price tests this structure, we have been witnessing buy pressure from this level in the last two hours to signify the possibility of buying traction. So, look out for a reversal pattern on the lower time frame for buying opportunities. However, a breakdown/retest level of this structure will welcome additional sell positions.

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Outlook on 5-minute timeframe

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Secure sell positions as second position was triggered at the breakdown/retest of the $75 level to bring price back to where it started the week - $74.50 level. We wait to see how price reacts to this level for trading opportunities.

Good morning

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Breakout/retest of the $75 level will welcome buying opportunity

Trade closed manually:

All sell position closed with about 200 pips profit

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Secure the buy position as price action breakout/retests the $75 level for the second time this week. As we look forward to Fed's Chair Powell speech in an hour, you might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade

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Secure the buy position

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Buy position taken out at breakeven as sell pressure resumes. So, we should be anticipating a breakdown/retest of the $74.50 for selling opportunities while the tendency of a breakout of the $75 level remains open.

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What a shakeout! Secure the buy position as the buy stop is triggered at the breakout of the $75 level.

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Buyers appear to be struggling since the beginning of the week as price takes out the buy position with small profit. Price is back within the channel and we continue to wait for a breakout or breakdown for signal.

Good morning

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Secure the current buy position as selling pressure resumes.

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Secure the buy position as we anticipate a breakout/retest of the $76 level for more opportunities. If you missed our live session today, you will want to watch the replay on my youtub channel for insights on how to manage this trade

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Secure all positions as second position is triggered

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Price action tests the $77 level and selling pressure resurfaces. Secure position with desired profit and let's see how price reacts to this structure for either additional position or selling opportunities.

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Secure all buy positions as sell pressure resumes

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Secure all buy positions as we anticipate opportunities at the breakout/retest of the $78 level

Comment:

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Secure all the buy the positions as there is no significant update yet.

Good morning

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Secure all buy positions as price action breakout the $78 level to make 5 positions. Going into the live session in 2 minutes.... see you there

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Secure all buy positions as we look forward to Consumer Price Index in an hour, you might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade.

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Secure all buy positions as selling pressure resumes.

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Buy pressure resumes.

Good morning

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We talked about this at length during our live session today - see my youtub channel for a replay.

Trade closed: target reached:

Over 1,200pips profit in total (6 positions) for the week as price action hits the TP target at the $85 level.

Congratulations to everyone who was part of this profitable journey this week. I wish you all a wonderful and happy weekend!