Oil - H1 chart - I see a good sell setup on crude oil with a decent risk to reward. Pending sell limit order at 65.30 with stops above 66.50 (120 pips) and take profit at 60 (530 pips)
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.
Validated confluences
1.Daily Trend line Broken
2.Support Broken Resistance Valid
3.Profit margin 1:3
4.Price action high on the curve
Negatives
1. There are numerous support (minor)v obstructions
Validated confluences
1.Daily Trend line Broken
2.Support Broken Resistance Valid
3.Profit margin 1:3
4.Price action high on the curve
5.Strong price action move up to the zone
Negatives
1. There are numerous support (minor)v obstructions
After having 200 pips in oil trade go a head for
one more sell as oil hold below 50 soon we can see toward 47
Advice to sell in range of 48.8-49.7 SL 50.5 TP 47
Use small lot....
USDCAD has formed an inverse head & shoulder pattern on the 4hr with daily showing signs of the bulls coming back and price reacting to the 78% fib level a mayor trend line zone of a weekly Chanel with a possible yet another higher low forming.
Order set above the Inner TL once it has broken on the 4hr which is also the 4hr inverse h&S neckline.
The main ...
As you can see we have a trendline that's been tested on several occasion. It's safe to say to go short here - we've also got support by 100 bar weekly MA being a resistance. Watch for false breaks TP when price get's around the lower violet trendline
Even us die hard bulls were questioning the validity of this elliotwave 5 wave sequence earlier in the week which gives USoil a potential butterfly pattern to 59 dollars , but now it has shown its true colours.
I will be looking at 48.30 as its key resistance for a short...and a potential retest of the 46.60 support....before it takes off again...
Hi guys, so we got another oil triple top. We should easily see 44 and below and even onwards of 40s (likely), what i would advise is enter a sell and switch to a 4hr Heikin grapgh to use to take profit, anyways enjoy and good luck.
