What you need to know about oil's current price action explained right here.
Also check out linked idea on oil market below, an even earlier and broader analysis.
DISCLAIMER;
Do set stop losses when trading but be generous with how much room you allow for this due to candle wicks and there is also the possibility to hedge yourself, for more confident traders....
Self explanatory chart. The entries and targets depend upon which Channel Up prevails after the 69.00 test. In any case buying the dip with TP 70.00 and 71.00 is best suited.
GBPJPY, Commercials and large speculators closing their positions in gbp both long and short, mean commercials and large speculators profit taking from both sides. long% decreased 2% while short% increased 2%. in jpy commercials and larges speculators doing same behaviour like gbp i.e profit taking. suspect one more spike upside to catch stop losses of weak holders.
Pattern: Extended Bullish Megaphone on 1D that is posting a repetitive High Low candle sequence after each Channel Up.
Signal: Bullish but with a lower entry either at 56.00 or 54.50. Long term bullish break-out if the green line breaks (60.00 - 61.00).
Target: 60.50.
Morning everyone,
So it looks like oil is still in the chute for a price movement. Typically after an Inverse Head and Shoulders pattern, we see the price go up the same distance that can be measured between the head and the right shoulder. There is room for a follow through, but we are finding resistance in the $58.00/bbl area. As I've stated before, oil does...
After a long accumulation range that end last quarter of 2018 , we saw a breakout with the price reaching the mid seventies.
This was our first indication that a trend is about to begin. The price then pulled back into the buy zone(75-87.5 fibs) and produced a buy pivot.
Good stopping volume came into halt the price as it move back to the center of the...
Pattern: Bullish Megaphone.
Signal: Bullish. Two entries. The pull back towards 53.00 (1) or the break out above the green line (2).
Target: TP(1) 58.00. TP(2) 60.00.
Pattern: Channel Up on 1D.
Signal: Short since the price hit a 55.75 Higher High. Long after it completes a Higher Low.
Target: Short TP 52.75. Long TP 56.50.
