Simple flag pattern set up. I like to use the Fib 0.382 retracement level for an extra confluence and price seems to be rejecting it nicely.
Flag patterns tend to be momentum moves so I will target the fib -0.618 extension level for maximum R:R
60.15 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 60.15 is broken.
While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 50.90 on 06/11/2019, so...
Marked on the chart we have a lovely area of support, if you cant see this then give yourself a telling off and look again ( this normally helps me out, but then I answer myself back which turns into a fight... I always win though )
We are expecting some bullish movement this week from oil as we have bounced off this level and we are looking at bearish movement...
Don't be rude!! I was on about how she likes her drinks LONG island ice tea ;p
Can you see why we are long on this trade? you should be able to figure it out as our charts are nice and simple.
Come and give us a message if you would like to learn this way of trading... we could teach a zombie to do it ;p
Clients will get a much more detailed explanation of...
58.05 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 58.05 is broken.
The RSI support #1 at 43 is broken, so the probability of beginning of downtrend is increased.
While the RSI downtrend #2 is not broken, bearish wave in price...
Target 1 300 pips
Target 2 700 pips
These are big targets but this is because this is a swing trade so will be held over days/ weeks even months sometimes, I prefer these types of trades as the rewards are bigger and you don't have to keep checking the trade every hour or every day and you can just get on with your everyday life.
Now the reason I think this is...
While the price is below the resistance 66.50, beginning of downtrend is expected.
We make sure when the support at 55.20 breaks.
If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
While the RSI support #1 at 43 is not broken, the probability of price decrease would be too...
Oil has broke 2 key support levels today and shows no sign of slowing down, we are on a slight pullback at the moment and price has already touched our resistance level ( purple line ) we can see a retest of this level again before price makes further bearish movement and hits our next key level that has been used as previous strong resistance.
You can enter this...
We are looking at price making a move into our resistance area ( green zone ) As you can see it has been used as strong resistance before and we have some high impact CAD and USD news due out this week which could push price into this zone sooner rather than later, because as you should know if you trade oil that oil has a negative correlation with USD CAD so When...
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...