Brent Crude FuturesShort
30/07/2024 Trade Idea + Price Update.
Hello Traders,
Yesterdays set up did not complete, hope you did no fail with patience to wait for a complete trade set up like. Kindly reset your orders.
High and lower structure for a short position formed on the 15m. H1 chart gives a bias of a bearish 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 78.897
•Stop loss above at 79.348
•Take profit at 77.948
•Risk 2 -5%
•R:R is (1 : 2.1)
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 did not complete, hope you did no fail with patience to wait for a complete trade set up like. Kindly reset your orders.
High and lower structure for a short position formed on the 15m. H1 chart gives a bias of a bearish 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 78.897
•Stop loss above at 79.348
•Take profit at 77.948
•Risk 2 -5%
•R:R is (1 : 2.1)
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!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.