USOIL - Reversal Inbound!
USOIL is showing us a really nice ending diagonal, consisting of 5 waves subdivided into 3-3-3-3-3. We can see that we are now in the 5th wave so we can look for a reversal trade.
The equation we are working with is the following:
USDCAD inversely correlated to USOIL.
Anticipating USD weakness during FED = USDCAD bearish = USOIL bullish
We are anticipating Dollar weakness during FED and therefore looking for USOIL strength around the time of FED.
Trade Idea:
- Watch for price to move towards the support of the diagonal
- wave 5 can often fall short or extend beyond its normal parameters which is why we have the red trendline to help us with entry
- Entry on break of trendline
- Stoploss below price after red trendline breaks
- Targets: 80, 90, actively manage the rest
Goodluck and as always, trade safe!
The equation we are working with is the following:
USDCAD inversely correlated to USOIL.
Anticipating USD weakness during FED = USDCAD bearish = USOIL bullish
We are anticipating Dollar weakness during FED and therefore looking for USOIL strength around the time of FED.
Trade Idea:
- Watch for price to move towards the support of the diagonal
- wave 5 can often fall short or extend beyond its normal parameters which is why we have the red trendline to help us with entry
- Entry on break of trendline
- Stoploss below price after red trendline breaks
- Targets: 80, 90, actively manage the rest
Goodluck and as always, trade safe!
Want more chart ups like this? Click the links below:
Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
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.
Want more chart ups like this? Click the links below:
Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
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.