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Supportandresistanceanalysis

USOIL WEEKLY UPDATE hello trader... I noticed a divergence in the daily oil chart between the rsi and waves 3 and 5. Rsi is still over 50 level in daily chart, which leads me to believe that the uptrend is still in progress. yet H4 rsi is currently below 50 level. My plan is to short around $93.7 and monitor the RSI daily whether I can stay below the 50 level or any news from us or any oil announcement . a break above previous high might took oil to next resistance level at $101. so hold you buy. **I have no intention of using my trading approach as a signal. I'm practicing my trading strategies, learning about market dynamics, and figuring out the best way to enter the market in the right direction.
BLACKBULL:USOIL.FShort
by mytw0cents
USDX WEEKLY UPDATEHello all I still believe that the USD has room to go upward. I won't start holding long positions in the xxxusd until the nfp or the cpi in the following month, with the exception of usdjpy. usdcad more likely neutral, eurusd and gbpusd sideway bias short. others not under my watch **I have no intention of using my trading approach as a signal. I'm practicing my trading strategies, learning about market dynamics, and figuring out the best way to enter the market in the right direction.
VANTAGE:USDXShort
by mytw0cents
XAUUSD UPDATEhi all The FOMC meets eight times per year and releases forecasts in March, June, September, and December. In June, the Fed announces two rate increases. In July, 1st raises the rate to 5.50. Since the impact of oil only recently begun in September, I doubt the FOMC will hike interest rates to 5.75 percent this week. As a result, the FOMC will hike rates for the 2nd time in October, to 25 basis points, once the October CPI data exposes the damage by oil cut. After the FOMC meeting in October, I expect the USDX to gain. technical point: I watch for a rejection at level 1900 for pullback **My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills** Thanks a lot for your support
OANDA:XAUUSDLong
by mytw0cents
USDX UPATEhi all My understanding is that the usdx has already been price in. The FOMC meets eight times a year and issues projections in march, june, september, and december. FED announces two rate hikes in June. 1st increases the rate in July to 5.50. Since the impact from oil barely began in September, I don't think the FOMC will raise interest rates this week to 5.75. Therefore, the FOMC will raise rates for the 2nd time in September, to 25 basis points, once the CPI data in September reveals just how severe the harm is. I expect the USDX strengthening at that time. **My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills** Thanks a lot for your support
VANTAGE:USDXShort
by mytw0cents