Simple bearish W pattern trade on USDCAD.
Price is rejecting this 4hr resistance zone and the fib 0.5 level has been respected. Nice wick candles forming to show this level is holding quite a few short orders.
I am targeting the Fib extension level down around the 1.32 key support zone.
I will manage this trade accordingly and move to risk free when bearish...
In my opinion, US Oil is now due another bearish leg after the current consolidation period.
Price has now rejected the weekly 50ema and Fib 0.5 retracement area. It has also rejected the support/resistance zone at $60. 1hr bullish trendline and 1hr 50ema is now broken which has been a dynamic support for price in the recent weeks.
I am first targeting previous...
Here is my simple USDCAD long entry based off the current 1hr chart.
The bearish counter trendline was broken on Friday with a higher high being made. Price has now pulled back to retest the trendline and the fib 0.786 level.
I am looking to add to my current long position on USDCAD that I entered at the beginning of the month.
Profit target 1 is at the...
US Oil rejecting the key resistance zone at $57.50 which is a 3rd touch at this zone. Nice deceleration on the 1hr timeframe
By simply buying low and selling high, this set up seems pretty simple. We did see a 4hr lower low on Friday so excluding any complications, Oil may continue to drop off in to the low 50's over the week.
Stop loss is comfortably above the...
I still have a bearish bias on US Oil with price failing to break higher than its current level for the past few weeks.
Last Friday we saw heavy bearish momentum create new 4hr lows before sharply reversing in the afternoon/evening of the UK GMT timezones.
Price is now retesting a longer term broken trendline and is back in my liquidity zone marked on by the...
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
US crude oil - H4 chart - I prefer shorts due to bearish structure on H4 time frame. Main trend is still bullish so this is a reversal setup on daily time frame but with-trend pull back setup on H4 so quick swing with great risk to reward.
US crude oil longs in play - In my view, the weekly bearish trend is broken and the daily trend is now in a bullish structure. I see oil reaching 50s before stopping for another pull back then rallying again to 52s.
I think OIL will drop from here we see a double top pattern form and on a daily chart a double tweezer pattern. It has also respected the down trend line and as we have confirmation due to price action i think this has the potential to drop 400-500 pips.
Let me know your thoughts!
UKOIL (and USOIL) are both at critical positions on the daily charts. The 200EMA shows that there is a rising trend, even if a slow one.
Price has reached an obvious point of decision. Prediction is not my business, so shall not get into which way price will go. The only issue is whether an acceptable risk position (i.e. stop-loss) can be taken and what logic...