The death of Iranian general, Soleimani, which was orchestrated by Donald Trump caused the price of oil to shoot up, with conflict in Iran (5th largest oil producer) and US (1st largest oil producer) leading to a mass brief bull run due to supply and demand.
Here's a graph with spikes and dips in oil prices labelled in order to better understand the effect global...
We have had a good break and retest of a strong trend line which means we are now looking for long trades off this level, this retest of the trend line also comes with confluence old resistance turned new support so this makes this trade twice as strong!
As you know we love confluence as we only take the strongest of setups, its not about needing to be in a trade...
Hi, Traders ! Monfex is on the air !
WTI Oil Bulls are taking on fresh attack on 200 Daily EMA - at around $57.
* The Bulls remain in control over WTI prices, taking actions to break through 200 Daily EMA.
* Monday's Doji (bearish) candle with long upper shadow was immediately engulfed by the next day's price action.
* Break and close above $57 would be the...
When i 1st started out i was blowing 1 account a week and must have blown atleast 50+ accounts before it finally clicked so if anyone tells you they haven't blown any accounts and started making money as soon as they started then they are lying!
I am a successful trader now and haven't blown an account for just over 5 years so now i am trying to stop people...
Nice liquidity zone and resistance forming at this level.
Looking for price to drop back down from here with 2x profit target levels at various points.
I will keep my stop loss way above the wicks and liquidity zone at this level.
I am attempting to short US Oil again but this time I have the added confluence of the CTL being broken and retested.
Another bearish wick rejection of the trendline and daily 50ema occurred yesterday swell. This gives me greater confidence.
I am still targeting $51 per barrel