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Resistance On Crude Oil Is Support On USDCADHello traders! Today we will talk about Crude oil, USDCAD and their negative correlation in the market. As you may already know Crude oil and USDCAD are in tight negative correlation, not tick by tick, but they are mostly in the same shape, just inverted. Well, want we to point out is that correlations are very important to get the right approach to the markets. And, if you combine them with EW and some other technical tools, then sometimes can be much easier to recognize the pattern and direction. Let's dig into the charts. Crude oil can be forming big triangle and now when it's trading nicely within a corrective channel and right at the upper triangle line and potential resistance, we wonder if it will break up or it will turn down. But, if we take a look on USDCAD, from EW perspective we can see quite nice bullish formation that can send the price at least towards the upper triangle line. So, if we consider all the evidences, then the next move should be down for Crude oil and up for USDCAD, at least into the projected minimum target area, if not even further. Trade smart and wait for confirmations! If you like what we do please like, share and follow us. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
TVC:USOILEducation
by ew-forecast
1
DXY Oil11.27.19 Yesterday I uploaded a video suggesting that the dollar was going higher. Today is the follow-up in a quick review of that market. Next I discussed oil and talked about ways of taking profit and scaling entries and exits to make more money with less risk. And then I took an example using the oil chart of how markets are really much more likely to benefit buyers and sellers and not just one side of the market. But depending on how involved you want to be as a traitor, you may or may not want to see the algorithms for both buyers and for sellers as markets can benefit both sides, and it all depends on the trade location and an understanding of the set up and what you can expect for a reasonable target. I did not talk about one other aspect of this on the video, but in transitional periods in the market when markets are about to make significant changes, markets can actually burn buyers and sellers. This is why the market can be so difficult and why most traders fail a trading. I found in my own study of the market over the years is that I had to dig deep into the assumptions and the way that I processed information so that I could change my paradigm... and accept those changes... in order to benefit from the market. I had to change many things over the years.
FX:USOILEducation
by ScottBogatin
OBSERVING CRUDE OIL IN A 1 MINUTE PERSPECTIVE (Visual Only)Someone brought this to my attention in oil chat and decided to have a look myself and you really do get to see so many tradeable scalping opportunities. Never bothered to look at oil this way before, but this is very insightful to me, thought I ought to share. If you are a pattern trader, then you really ought to start analyzing market this way in my opinion. Highlight for this idea goes to @mikkel-j ... Now get pattern spotting guys. BELOW IS A TEST CHART IN 1 MIN TO FOLLOW AND SEE IF PATTERN PLAYS OUT.
FX:USOILEducation
by Dani0