daily chat shows price consolidating in a triangle so I went into the 4hr/1hr and saw price rejecting yellow trendline.
Price then made a double top so waiting for breakout and retest to confirm trend.
1.30500 is a nice intraday support zone for USDCAD and it appears to be holding strong. Bearish momentum appears to ave levelled out now and price is trying to bounce.
A long position up to the bearish trendline could provide good R:R
Oil (spot) - Intraday - We look to Buy at 59.25 (stop at 58.75)
Previous resistance level of 60.30 broken.
The previous day's bullish engulfing candle led to further buying yesterday. This is positive for sentiment and the uptrend has potential to return.
This is positive for short term sentiment and we look to set longs at good...
I am still favouring short positions on US Oil from this 58.00 per barrel region.
Price has remained below the top TL of this consolidation channel and multiple 1hr rejections have appeared keeping price below the $58 barrel mark.
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
My wife said i should spend less time around her sisters ( ive told her this leaky tap is a bugger to fix.. its been dripping for 2 months now and i still cant fix it ) ;p
Anyway enough about my marriage issues and lets take a look at oil... After a couple of days of bearish movement from market open this week price finally went into some consolidation today...
On Monday, the markets continued to try to incorporate with the prices the G20 summit results. What Trump declared to be the victory in a trade war but is actually not. So, yesterday we observed the appearance of inefficiencies in financial markets that could be used to make money. In particular, we are talking about the gold falls into the bottoms of 1380-s,...
Intraday - We look to Buy at 57.30 (stop at 56.50)
Posted Mixed Daily results for the last 4 days. The 261.8% Fibonacci extension is located at 62.00 from 50.30 to 54.80. Dips continue to attract buyers. Bespoke support is located at 57.30.
Our profit targets will be 62.00 and 62.10
Resistance: 60.00 / 62.00 / 63.80
Support: 57.30 / 54.80 / 50.30
This pair is in an overall downtrend and we may see price re-test the zone i have marked with the grey line to potentially break bearish and make new lows.
Entry - grey line
Stop loss - red line
Take profit - green line
Risk exposure - 1%
Prices have fallen below their two-year upward path,
There is a high probability of a bear market in the future.
Investors are advised to stay bearish for the long term.
Feel free to contact me if you have any questions !
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---------------------------- 2019.06.24 uk
Huge $WTI set up for next week. As Oil approaches the 0.5 fib level on the daily with a RT and strong supply level. Expecting a lot of manipulation at this level as the picture is clear to retail. Need to see strong confirmation in the region shown above, before considering any shorts. Caught Oil longs last week from the 52 level and will be looking to switch to...
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...
Looking at the Weekly Time Frame there does seem to be a Double Bottom occurring at 51.40, which is why my long term bias will remain Long unless we have a Weekly close below 51.40, Potential upside targets are huge (500+ pips) as the double bottom is on the Weekly.
4HR time frame we are in a range (Short reversals occurring at around 55.00 & Long reversals...