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Crude looks bearishClues (1) ascending wedge in downtrend is bearish (but agreeably the next major trend is bullish) (2) price where a large resistance line exists and a former support line is now acting as resistance I think it would be wiser to wait and buy when price goes back down to the stronger trend support line (in black). That said, any short position here should have a tight stop. Bear Here is how I envision the short trade to go if you were to take it right now. Bull Here is the bullish case - buying the breakout retest.
OANDA:WTICOUSDShort
by PontusTrader
Does the uptrend continue?If MPP (S1) functions as a support line, think long. The first limit is 70.00 The second limit is under MPP (P) 70.77 The third limit is under YPP (R2) 72.62 I would be grateful if you like it idea,give me follow or agrees! ------------------------- -------------------------- Brown thick line: Yearly Pivot Points (YPP in the text) Light blue thick line: Monthly Pivot Points (MPP in the text) Green thin line: Weekly Pivot Points (WePP in the text) Indigo thick line: Horizontal line or Trend line seen by weekly or monthly Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily Indigo dotted line: outstanding round number. Red thick line: Untrustworthy line for me Red curve: EMA 20 close Indigo curve: EMA 200 close Green curve: EMA 800 close Black curve: EMA 1600 close x mark: Line which may not function ------------------------- --------------------------
FX_IDC:USDWTILong
by fondiea
Does the uptrend continue?If MPP (S1) functions as a support line, think long. The first limit is 70.00 The second limit is under MPP (P) 70.77 The third limit is under YPP (R2) 72.62 I would be grateful if you like it idea,give me follow or agrees! ------------------------- -------------------------- Brown thick line: Yearly Pivot Points (YPP in the text) Light blue thick line: Monthly Pivot Points (MPP in the text) Green thin line: Weekly Pivot Points (WePP in the text) Indigo thick line: Horizontal line or Trend line seen by weekly or monthly Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily Indigo dotted line: outstanding round number. Red thick line: Untrustworthy line for me Red curve: EMA 20 close Indigo curve: EMA 200 close Green curve: EMA 800 close Black curve: EMA 1600 close x mark: Line which may not function ------------------------- --------------------------
FX_IDC:USDWTILong
by fondiea
Possible Long From Support In August WTI Crude (CL)If there has been such a large one week draw on supply, then why are WTI prices heading south? The big reason is news out of Saudi Arabia. Production for June spiked significantly, upwards of 500,000 barrels per day. Traders have latched on to this piece of news, predicting a glut of oil to hit the market in coming months. As a result, we may get a shot to take a long from support on the daily time frame. Here it is: 1)Entry: Buy $70.91 2)Stop Loss: $70.44 3)Profit Target: $71.38 4)Risk Vs Reward Ratio: 1/1 This trade is a bit of a home run, as the stop loss is considerable. Keep a close eye on your leverage. The time table for this play is extensive, so it will stay on the board until the Friday close.
NYMEX:CLQ2018Long
by FXLeaders
3
Gold / XAUUSD / GC - Looking to short from bearish pennantGold has formed a bearish pennant pattern just below the resistance level of 1300-1305. I expect a price break out sometime in the next day or two. There are two ways to enter this pattern, once is on a break down of the pattern by entering short, the other is waiting for a false break up and then entering short on a pull back. A false break is a much better setup and would offer a better risk reward trade with higher chance of success, at around a 1 : 3.5 Risk : Reward ratio. Without the false break and price simply falling through the bottom there is always a chance of a throwback, when price breaks down but then immediately pulls back in, essentially faking out the bears. While the latter setup is more risky, it is still tradable with the right trade management techniques. The near term price target would be 1165 and key support at 1135 for a more a more aggressive price target.
FX_IDC:XAUUSD
by krugman87
1
USDWTI - Price has reach critical support areaUSDWTI blew through near term support last Friday and has now fallen to a critical support. Due to the importance of this price level we may see it hold where the near term support levels were not able to hold. If your a contrarian trader and believe that this key support level will give you increased probability of price holding and popping higher in the near future this may be the right time to buy. There are a lot of different strategies to go long oil, a very bullish strategy would be to go long OIL or the futures. A neutral to bullish strategy would be to sell puts in OIL or XLE to collect the high premium that the options are fetching and profit from any move higher.
FX_IDC:USDWTILong
by krugman87