01/08/2024 Brent oil set up.
Hello Traders,
Yesterdays set up was not a success. Market ended up touching our stop.
Here's today set up.
High and lower structure for a buy position formed on the 15m. H1 chart gives a bias of a bullish market, 50 and 8 EMA crossover confirmed the bearish sentiment.
15m chart, Fib retracement drawn, wait for price to reach the wick candle above 76.8%, slightly above the FVG where liquidity has building, expect market to retrace further up to 100% on the Fib retracement tool where demand is built.
•Enter market at 80.926
•Stop loss at 80.116
•Take profit at 82.494
•Risk 2 -5%
•R:R is (1 : 2.4)
No much change on Baker Hughes Rig Count on number of rigs in operation, demand was affected by crowdstrike last week when planes down, transportation is fine though Yemen has been on the news lately and strikes were noted, reaction from the Houthis on Oil tankers will be monitored for supply disruption. Oil cuts still in progress from OPEC, Nigerian government still playing dirty with Dangotes refinery, which will definitely have an impact in supply and demand for imported oil outside of Africa. Good luck!!
Yesterdays set up was not a success. Market ended up touching our stop.
Here's today set up.
High and lower structure for a buy position formed on the 15m. H1 chart gives a bias of a bullish market, 50 and 8 EMA crossover confirmed the bearish sentiment.
15m chart, Fib retracement drawn, wait for price to reach the wick candle above 76.8%, slightly above the FVG where liquidity has building, expect market to retrace further up to 100% on the Fib retracement tool where demand is built.
•Enter market at 80.926
•Stop loss at 80.116
•Take profit at 82.494
•Risk 2 -5%
•R:R is (1 : 2.4)
No much change on Baker Hughes Rig Count on number of rigs in operation, demand was affected by crowdstrike last week when planes down, transportation is fine though Yemen has been on the news lately and strikes were noted, reaction from the Houthis on Oil tankers will be monitored for supply disruption. Oil cuts still in progress from OPEC, Nigerian government still playing dirty with Dangotes refinery, which will definitely have an impact in supply and demand for imported oil outside of Africa. Good luck!!
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