OIL: DAY 3 SHORTS in the market
Updated
Hi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
Let’s jump into the Technical Analysis:
WEEKLY TEMPLATE (1hr chart):
Since the previous week, we can see how this market potentially could complete the big template of pump and dump, scenario still possible if setup correctly.
OIL market triggered shorts breakout traders in, typical a signal of potential strong move.
DAILY TEMPLATE (15min chart):
Asia session broke down into the LOW, reversing sharply in London session (pump). Currently this market is not in an interesting level to buy or sell.
THESIS:
Short: considering the weekly pump and dump not completed yet, I can see this market going lower, stopping all the traders long since the last week.
Long: however, day 3 shorts in the market, in the new weekly cycle, can be a good reversal signal, going to stop traders short from Monday.
SETUP:
Short: price pumping up back to the previous HOD, consolidating for 30/45 min and dump (after the news release)
Long: Market dropping down at least into the previous CP, or LOD/LOW, consolidating for a pump (this scenario is mostly likely happing on tomorrow, which is closing range of the week)
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
“Trade setups, not movements”
Let’s jump into the Technical Analysis:
WEEKLY TEMPLATE (1hr chart):
Since the previous week, we can see how this market potentially could complete the big template of pump and dump, scenario still possible if setup correctly.
OIL market triggered shorts breakout traders in, typical a signal of potential strong move.
DAILY TEMPLATE (15min chart):
Asia session broke down into the LOW, reversing sharply in London session (pump). Currently this market is not in an interesting level to buy or sell.
THESIS:
Short: considering the weekly pump and dump not completed yet, I can see this market going lower, stopping all the traders long since the last week.
Long: however, day 3 shorts in the market, in the new weekly cycle, can be a good reversal signal, going to stop traders short from Monday.
SETUP:
Short: price pumping up back to the previous HOD, consolidating for 30/45 min and dump (after the news release)
Long: Market dropping down at least into the previous CP, or LOD/LOW, consolidating for a pump (this scenario is mostly likely happing on tomorrow, which is closing range of the week)
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
Note
If you are looking to short a market, pay attention on the setup, Pump and dump/ dump and pump..
It's the only condition I would take in consideration to short oil today
Note
although this market is breaking down after triggered long breakout in the market, it did not offer a nice entry to capitalise on this scalp short. No trade for me today
Note
Oil performed pretty good the analysis, without giving (as per my entry), any good level to speculate on here.
This market doesn't need a new post, just an update is enough.
Still 3 days breakout traders short are in the market, low of the week , and currently showing potential sign of reversal.
Long setup: market has to consolidate into the LOD or current LOD as well, for a long trade after the news at 10am NTY, it is going to be my main setup
Short setup: price can either pump into at the least the CP for a dump (scalping into the LOW), or it can place a lower low into the current LOD, pumping back up into yesterday LOD, or CP for a move even lower
Note
As shown in this chart, the market performed a clear and clean long setup dump and pump, unfortunately the entry was at 9am, one hour before the news, and as explained, no trade before the major red news, the next week is going to be absolutely better!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.