USOil | New perspective for the week | Follow-up detail

Updated

It is fact that WTI crude oil gained about 10% in October following the OPEC+ decision to cut oil production but it doesn't appear that decision is making a significant impact as the price is unable to break out of the $93.50 area in the last couple of weeks. From a technical standpoint, price action is caught within a consolidation phase between the $93.50 and $86.00 zone to emphasize the indecision in the market as we head into the new week. So, a piece of caution is needed at this juncture in the market as anything could happen here.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Trade active

The week has started on a bearish note as selling pressure continues below the $89 level. The structure at the $87.60 level that was broken to the downside during last week's trading session appears to be the neckline of the reversal pattern around this zone (double top).

Good morning

Trade active

UPDATE

Securing position

Trade active

UPDATE

Trade active

Over 500pips in profit (2 positions) as price test the $85 level one more time. Time to secure the sell position(s).

Trade active

It's over 600pips in our direction as buying pressure appears around the $84.50 level. So, it is important the current sell position is secured as there is the likelihood of a transition to a reversal pattern. However, if the price breakdown/retests the $84.50 level then we shall be looking at an additional sell position.

Good morning

Trade active

UPDATE

Secure the sell position as buying pressure continues around the $84.50 zone

Trade active

3rd position was triggered as the price broke down the $84.50 level; securing the positions as bullish momentum could still happen.

Trade active

This was explained in detail during the live session today (video uploaded on my youtub).
Buying pressure increases as the price takes out the 3rd position. Selling pressure on a lower timeframe might incite re-entry. NB: breakout/retest of the $85 level might be a bullish signal

Trade active

UPDATE

16hours on and the buy pressure continues; ensure the sell position secured

Trade active

Its time to secure the current buy position while we wait for the market to present another opportunity to add one more position to the existing trade... update coming soon.

Trade active

Over 220pips in profit as price test the neckline @ $87.60 level - an area that was broken to the downside at the beginning of the week. Let's remain patience to see how price relates to this structure

Trade active

Looking for buying pressure around the $86 area on the lower time frame to add a position to this trade.

Trade active

After been taking out of the buy position with about 100pips, price appears to be going through a retracement phase hence the need to remain patient is important here so that we can see how price relates to the buy zone identified around the $85.50 and $84.50 before making an informed decision. The appearance of a reversal pattern within this zone might incite a trend continuation.

Good morning

Trade active

This was explained during the live session this morning (video replay will be uploaded on my youtub shortly); Secure buy position as selling pressure continues.

Trade active

QUICK UPDATE

Selling pressure under the $86 level on the lower time frames confirms selling opportunity. Update coming up soon...

Trade active

Securing the sell position as price breaks down the $86 level again

Trade closed: target reached

220pips profit; trade closed.

We continue to monitor price action.

Trade active

No decision yet as buy pressure continues... waiting for a signal

Trade active

buying pressure continues around $83.70, selling can only happen at the breakdown/retest of this level. We hold on to wait for signals.

Good morning

Trade active

Bought above the $83.70 level with the hopes that the demand zone will continue to hold buy pressure.

Trade closed: stop reached

UPDATE

We discussed this in detail during the live session today (video on youtub)

Trade active

UPDATE

Securing sell position

Trade active

Over 220pips in our direction; secure the sell position

Trade active

We continue to look out for opportunities to either add to the existing position or get ready for a reversal structure. Ensuring that the current position is secured.

Good morning

Trade active

We discussed this in detail during live session today... Another position was triggered; securing the current positions as we look forward to another opportunity to add another position at the breakdown/retest of the $81.10 level

Trade active

Another position triggered; secure position

Trade closed: target reached

TP target hit; Over 1,800pips on the USOil since the beginning of the week... It's a wrap for the week at this juncture. A beautiful weekend to you!

darcsherry

Trade smart. Trade consciously

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USOil | New perspective for the week | Follow-up detail

by darcsherry

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