I understand there is a lot of talk around getting into USOIL/WTI buys. However, looking at the bigger picture is important.
As you can see on my below chart, the daily structure suggests taking a short on this commodity.
I also like this current consolidation that is making higher highs on the 15 minute chart, as it tells me that my daily structure will be...
Oil surprised and went orbital on the 1H time frame. RSI went into a sharp peak at about 84 on mid-point prices. The unexpected pump was attributed to news that the US will stop giving sanctions waivers to countries that import Iranian crude or condensate.
This 3-day time frame is tricky. Do you go long, short, or just...
Sorry guys I haven't posted in a while but here we have a simple short on USOIL.
I have already caught over 100 pips on this pair this week in my premium group and have now gone short again!
Confirmation can be seen in the bearish candles formed.
Trade safe and good luck!
Midterm forecast:
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.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is...
Midterm forecast:
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.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is...
After failing a short position last week, I got stopped out but now the divergence is showing up again plus the 66.50 is a great spot for reversal. I will wait for confirmation and try again a short position.
Here is my technical and fundamental analysis for entering short positions on US Oil.
Technicals:
- Weekly rejecting broken channel trendline
- Weekly rejecting $64.50 prior support/resistance zone
- Weekly Fib 0.618
- 4hr showing lower highs and lows now.
Entry will be a weekly close below the Fib 0.618 level and resistance zone. Or I will enter short on the...
Counter Trend and Trend opportunity on OIL
- OIL approaching resistance the 61,8 FiB and Upper Trend Line
- RSI is over bought and we have a big RSI divergence
A pull back is expect back to 60.00 level (Confluence of 38,2 Fib and 61,8 Fib retracements)
Potential short set up on US Oil based off my simple 15minute day trading strategy.
- Price is rejecting daily pivot level for a 2nd time today.
- Price is rejecting the 200 EMA
- 50EMA is below the 200EMA.
- 15 minute lower high/double top at daily pivot level
- RSI showing overbought
Stop loss is placed above current highs.
Profit Target 1 is the daily S1...
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
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