Crude AnalysisWeekly Breakdown on Trendline once retest done can see major fall
Resistance - 6000
Support - 5750
WBS1! trade ideas
Crude Oil - Looking up towards $75In Elliott Wave Theory speak, this can be a C wave towards the 200% fib. Needs to hold the gray box early this week and start hitting targets, if the bulls continue to be in charge.
CRUDE OILPreferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
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Crude Oil Is Looking For A RecoveryCrude oil is coming down now making five subwaves down from 80.00 so there can be some support not far away as higher degree corrective decline from October highs can come to an end soon. There is also a potential leading diagonal, which is a bearish structure, but still suggests that the market can stabilize a bit. RSI divergence also suggests that bears are losing strength. However, any short-term low is not confirmed, unless we see an impulsive move back above 72.60. But if you look at the current price move, we can already see price turning sharply today, which can be an indication for a higher rally.
Long OilTarget box in the chart.
If I am wrong, we will end up in the red box below.
Safe trades, no advice!
Crudeoil LongCrudeoil Long Strong Support Zone 5770 to 5690
I am not SEBI register Advisor and I am not any trade and tips recommend here, This Idea post on this Channel Only for educational knowledge & learning purpose, I am not provide any trading tips, Before any Trade Advice your Financial Advisor, I am not responsible any profit and loss
Crude Oil I am not SEBI register Advisor and I am not any trade and tips recommend here, This Idea post on this Channel Only for educational knowledge & learning purpose, I am not provide any trading tips, Before any Trade Advice your Financial Advisor, I am not responsible any profit and loss
Crude Oil 12/12Pair : Crude Oil
Description :
Bearish Channel as an Corrective Pattern in Short Time Frame. It has Completed " 1234 " Impulsive Waves and Rejection from Upper Trend Line. We have Retracement for Break of Structure.
Entry Precaution :
Wait for the " 5 " Impulsive Wave
What is fueling $CL to more upside?The recent test of sub-$70 oil prices appears to have been met with significant buying interest, potentially setting the stage for a reversal back above the $77 mark. The presence of a long wick followed by an inside bar could signal further upward momentum.
Bull Case:
There's strong evidence of support, particularly from the buying activity observed a few days ago. Although we remain in a bearish stance, having not closed above $77.58, breaching this level could set us on a direct path towards retesting the $95 level.
Bear Case:
However, it's critical to consider the inability of oil prices to break through the monthly or weekly downtrend angles. The notion of retesting $95 seems overly optimistic at this stage. It's more realistic to anticipate a rebalance at the bearish candle, tempering expectations. The $77.58 mark could act as a formidable barrier, potentially driving prices back down to around $67.
Conclusion:
The market is currently exhibiting a wedging pattern, which is generally unfavorable for long-term positions. Should we witness an opening and closing above this bearish order block, it may pave the way for a retest of the $80 levels.
Oil long.12.8.23 There was an opening price long trade on oil yesterday near the end of that trading day. There was also another chance with an opening price to go along today but at a slightly higher level. that trade would have been an easy trade if you recognized that it had a support it had an extension which was the 1.272.... and then you have a small stop. The market very well could have gone lower but there was enough evidence to take a chance to go along with a small stop because you had a very easy chance of the market moving up a couple thousand dollars or more. on the other hand, as the market moves higher we may find that sellers will step in and it is possible that the market could make a new low. However, It was worth taking a long position if you could do this with a small stop and a nice reward.
Crude is Trading in 1H Downtrend Channel Crude is Trading in 1H Downtrend Channel
If Brreaks channel and retests then good upside
if reverses from here then downside
good risk reward play here
Understanding the Basics of Market StructureIntroduction:
In the vast and dynamic world of financial markets, understanding market structure is paramount for traders and investors seeking to navigate the complexities of buying and selling assets. Market structure encompasses a range of elements that shape how markets function and how prices are determined. This article delves into the fundamental components of market structure, shedding light on the key factors that influence market dynamics.
Components of Market Structure:
Market Participants:
Market structure is inherently defined by its participants, including buyers, sellers, institutional investors, and market makers. Each participant plays a unique role, contributing to the overall ebb and flow of the market.
Order Types:
The diversity of order types, such as market orders, limit orders, and stop orders, significantly influences market structure. Understanding how these orders interact provides insights into the mechanics of price movements.
Market Exchanges:
Exchanges serve as the backbone of market structure, providing a platform for the trading of financial instruments. Whether centralized or decentralized, exchanges shape the landscape of trading activities.
Market Phases:
Bull and Bear Markets:
Market structure undergoes distinct changes during bull and bear markets. Recognizing the characteristics of each phase is crucial for anticipating shifts in sentiment and making informed decisions.
Cycles and Trends:
Market cycles and trends contribute to the dynamic nature of market structure. Observing structural changes during different phases helps traders adapt to evolving market conditions.
Case Studies:
UPTREND / BULL MARKET:
When the market exhibits an uptrend structure, our focus should be directed towards identifying opportunities to go long or initiate buy positions.
DOWNTREND / BEAR MARKET:
When the market adopts a downtrend structure, our attention should be centered on identifying opportunities to sell or go short.
NO TREND / SIDEWAYS
When the market is moving sideways without a clear trend, it's a good idea to be careful and closely check the market conditions. Opportunities for buying or selling might be limited during these times. Traders can use specific strategies for this situation, like sticking to a range or paying attention to support and resistance levels.
In such a case, it's smart to think about leaving your current position and being cautious by not getting too involved in the market. Since there's no clear trend, avoiding unnecessary risks can help protect against potential uncertainties and unpredictable price changes.
Conclusion:
In conclusion, a comprehensive grasp of market structure is indispensable for anyone engaging in financial markets. As markets continue to evolve, adapting to changes in structure becomes a key factor in achieving success. By understanding the basics outlined in this article, traders and investors can navigate the intricate web of market structure with greater confidence.
Shared content and posted charts are intended to be used for informational and educational purposes only.
[MCX] Crudeoil Buy IdeaNote -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all.
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I use shorthands for my trades.
"Positional" - means You can carry these positions and I do not see sharp volatility ahead. (I tally upcoming events and many small kinds of stuff to my own tiny capacity.)
"Intraday" -means You must close this position at any cost by the end of the day.
"Theta" , "Bounce" , "3BB" or "Entropy" - My own systems.
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I won't personally follow any rules. If I "think" (It is never gut feel. It is always some reason.) the trade is wrong, I may take reverse trade. I may carry forward an intraday position. What is meant here - You shouldn't follow me because I may miss updating. You should follow the system I share.
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Like -
Always follow a stop loss.
In the case of Intraday trades, it is mostly the "Day's High".
In the case of Positional trades, it is mostly the previous swings.
I do not use Stop Loss most of the time. But I manage my risk with options as I do most of the trades using derivatives.
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Oil Bargain Hunt Dip BuyI am looking for an opportunity to bargain hunt dip buy on Oil and here is why.
So oil has been very bearish in recent weeks and not surprising given the bearish fundamentals such as the recent OPEC meeting not giving clarity to the market, Demand worries due to slowdown in manufacturing in major economies like the U.S and China and slowdown in smaller / lesser developed nations even U.S oil inventories and Production starting to stack up raising concerns of an ample supply and not enough demand leading to lower prices on oil.
But with all that being said how much of that is priced into the market? As we all know markets don't just go in a straight direction up or down, there are areas of support / areas of interest that can have rebounds, reversals, turns, whatever you want to call them. And I think $65 looks like a great area for a technical rebound.
The $65 level has proved itself 5 different times in the past and has been an even better buy signal when the RSI is oversold. Right now the RSI is pretty oversold and if we were to go lower here and hit this strong support it's likely that the RSI will either be extremally oversold to the point where it would be super unwise to short or bullishly diverging which will also be a great reversal signal. Given the fundamental outlook I think it is likely we hit the $65 level but I think we can see some bargain hunting and a technical rebound given the technician's of the chart.
So the criteria goes as followed and I will only execute a long if we 1. Hit the $65 level and 2. The RSI is either extremally oversold to the point where it would be unwise to short or Bullishly diverging indicting a shift in direction. If this criteria is not met I will just ignore it.
But with that being said stay tuned for more and manage your speculations ;)
NYMEX:CL1! NYMEX:MCL1! TVC:USOIL
