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Analysis of the Current Situation on US OIL by ThinkingAntsOkUse this asa a guide to develop your view on the chart Main items we can see on the Daily timeframe: a)Price is on an ascending channel against a relevan resistance zone b)Now is a key moment to see if the price is able to go higher or if it fails on the attempt. c)IF the price fails and the ascending channel is broken below 55.56 we will expect a continuation of the bearish movement towards Target 1 at 51.00 d)IF that level is broken, we will expect a continuation of the bearish movement towards Target 2 at 43.00. We think the price will make a correction on that area before the new bearish movement happens. Weekly Chart:
TVC:USOILShort
by ThinkingAntsOk
Analysis of the Current Structure on USOIL by ThinkingAntsOkUse this as a guide to develop your setup. Main items we can see on the 1H chart: a)Price Couldnt Broke the primary ascending Structure, and it failed several times on the past (Weakness of the Bullish Movement) b)On MACD we can see a Bearish Divergence (Weakness of the Bullish Movement) c)Now we will wait for a Re-Test of the White trendline, and after that, we expect a bearish movement towards the next Minor Support Zone d)Only look for short trades if the Re test happens e)Our conclusion on this structure is that the price will break it down, starting a new bearish movement of a Higher Degree
TVC:USOILShort
by ThinkingAntsOk
USDCAD: NFP price action determines key levelsEveryone involved in FX trading has their eyes peeled on price charts and fundamental data that comes out every first Friday of each month, when Non-Farm Payrolls data is made public for the month before. This creates volatility during the day, and also a very significant price level where the market reacts, either being attracted to or rejected from the level. I've plotted these key levels on chart, with a vertical line showing the date of the NFP report. You can clearly see that when the market deviates far enough from the last key level, it will be drawn back to it over time...and that when retesting a level after moving away from it for a while, it will react when hitting it most of the time, helping us map how far and in which direction prices can move. Right now the last short term signal in $USDCAD failed, hitting my stop loss at break even after buying the breakout at 1.31634, and briefly seeing some profit following the NFP data. The dollar is acting weak accross the board which is an anomaly, and oil regaining strength. We should focus on currencies to determine if we need to hedge our dollar exposure in the equities portfolio, since although earnings in foreign currencies would increase if the dollar devaluates it could hurt stocks' performance even during a rally. Cheers, Ivan Labrie.
Short
by IvanLabrie
1
Daily Analysis on US OIL by ThinkingAntsOkUse this as a guide to make your own setup Main items we can observe on the Daily Chart: a)The price is against a major Support zone tested multiple times b)Currently, we can see a corrective structure close to the support zone and the Descending trendline c)We expect a breakout of the corrective Structure + correction below it d)If this happens and the support zone 1 is broken, expect a continuation of the bearish movement towards Support zone 2
TVC:USOILShort
by ThinkingAntsOk
2