Looking for a sell opportunity at 1576.93. If the price rally towards the said level but could not close above it, I am looking for a sell opportunity with an SL at 1595.35 and TP at 1519.53
On a different note, COT shows successive months of Long position for non-commercial, the natural behavior is to dispose their longs (or to take profit)
initial trade with smaller position is ideal when 1.9050 level will be broken then starts to accumulate position at 1.8830 and add more if the price breaks 1.8565.
my long term bias is short on this pair.
Entry - 1.2600
SL - 1.2528
TP - 1.12741
If the NFP is below or equal to 120k and Ave. Hourly Earnings is below or equal to 5.4% (in other words, both negative US data), the trading plan is valid.
if the NFP is above 164k and Ave. Hourly Earnings is above or equal to 5.5% (in other words, both positive US data), the trading plan is invalid. I will look for...
SL - 1314.22
Sell Limit - 1303.03
TP - 1250.05
Higher time frame (W1) shows weakness in bullish momentum. It has also formed a Head and Shoulders.
Alternatively if the price could not break 1293.00 level, a sell position @ 1290.00 with the same TP at 1250.05 and SL at 1306.50
* Oil price rallied on the backs of an improved US-China trade relationship and continued efforts by major oil exporters to stabilize the market
* More dovish Federal Reserve (cautious about pushing ahead with future rate hikes)
* supply cuts (reductions of 1.2 million barrels a day) on the oil market, which are now finally being priced
Potential short term bearish move towards 95.98. Previous reversal zone (96.59 - 96.99) has been broken.
But on a larger time frame, the uptrend is still intact. If the price reached 94.91 or even 94.20, it is a better long opportunity.