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Brentcrude

Potential Upside in Brent Crude Oil (Cont'd)Continuation from previous post, and adopting @pipizer feedback in the comments: 1. The past few days has saw a drop in the price mainly due to reports on OPEC output in October reached an all-time high. This lead to a further decrease which finally complete the Cypher Pattern. 2. A reversal candle (hammer) was formed the following day (14 Nov) with a long tail signalling bulls overcoming the bears at EOD. Mainly driven by renewed hopes of OPEC output deal. 3. Breakout of previous day hammer lead an opportunity to long and my entry was around the area stated, with a Stop Loss placed around the support region indicated. 4. I have identified 3 potential resistance zone and they fall nicely into the fib retracement 0.236, 0.382 and 0.618 area. 5. The first resistance zone break will cause more conservative traders to go on a long due to a 2nd breakout and short position traders will start covering their shorts which becomes the driving force to push further up. 6. Still, upcoming OPEC deal will be the crucial driving force for it to either trumps or fall. It will still be volatile during this period. 7. My exit strategy will be on a trailing stop in this case.
TVC:UKOILLong
by akenii
Potential Upside in Brent Crude OilMy first trading idea, here to learn from the experts, please give feedback on this idea. Several Signals I have identified: 1. Cypher Pattern has confirmed potential reversal zone 2. A support level at 45.48 area is forming 3. Still in an long term upward trend 4. Catalyst moving it up would rely on upcoming OPEC deal on production cut What to do now? Wait for a reversal candle to affirm confirmation of entry. Trade on breakout of resistance 47 area.
TVC:UKOILLong
by akenii
2
Bearish Gartley/Butterfly FormationWith increasing # of US oil rigs and subdued global oil demand, I am expecting the retracement strated from 40.00 to lose strength between 46.00 - 45.00 area and eventually another leg down towards 40.00. This formation supports my idea on technical side with a caveat; the price could go little bit higher and turn gartley into butterfly thus manage your position/risk accordingly. Recommended to go short at @ 44.70 SL 47.50 1st TP 43.00 2nd TP 41.00
FX:USOILShort
by duderino
Crude Oil (Brent) - King Kong's Fist take twoDear Community, it has been a few days since our last trade on oil, which by the way banked some really nice profit. As mentioned back then, we wer expecting a small correction before the price continues to drop. It might be a very aggressive approach at this stage but really the only realistic chance to get one more trade out of it before the oil price reaches it theoretical correction level at around $39.00/barrel. Brave traders can aim for the 61% Retracement at $36.87. Come on King Kong, give it some! Good luck
FX:UKOILShort
by RedHotCandlestick
2 Scenarios for Oil, the only question is "How High?"At the risk of sounding like a broken record player, another bounce is on the cards. I say bounce because it's due to be "corrective", which means there will still be a new low to follow. Currently we can see that the divergence on the MACD is even greater than when we were looking for the red wave iv, a MACD "buy" signal could provide a great entry for the short term bounce. I should also note that we can see that wave (ii) blue lasted about 7-8 days, it wouldn't surprise me to see the expected wave (iv) in blue last about the same duration... the arrows in the chart had to be fitted for illustrative purposes of direction and price, not so much time. So please consider that I suspect this correction would last a similar duration to what we say with the sideways drifting wave (ii) in blue. There are 2 main scenarios I'm envisioning with this correction, illustrated with RED and BLUE arrows. I'm expecting the structure to be the same, namely 3 wave advance, followed by a decline to new lows which has the potential to buy for a multi-year bull market. The only difference between these two scenarios, is how high the correction is expected to go. Red - Target 41.85-42.00 Blue - Target 43.35 - 43.70 I've linked 2 previous charts on oil I've posted. The most recent which captured the wave iv (red) rally, but overestimated it. And a previous chart which puts the BLUE labels into context. Ultimately I think Oil will get to around 38 before the "mega" buy and smart money moves in. Let's wait and see.
FX:USOILLong
by max_andronichuk
13