The Beast!
Updated
Last week was a very interesting week when it comes to oil. Friday 14th weirdly stalled for ages before finally breaking into the next box above. It did this with a 1 hour candle 4pm. (UTC) This candle was then rejected back out of it only for the 5pm (UTC) candle to explode through. The first signs of Blue candles in the hourly timeframe were the 13th 13:00 (UTC) and the 14th 09:00 (UTC) giving us indications that the Bull was going to get their way.
This close in the box above, as mentioned in the previous post would signal a journey to the end of the box. We had to wait another hour for the 4 hour candle to close and make sure of the continuation. All of Monday and Tuesday so far have taken us to the top of the box at 85.7.
Where do we go from here? We are definitely holding some longs from 83.5 but have equally enjoyed some short scalps from 85.7 ($0.70 and $0.40) and will see if this gives us a meaningful short from here.
We are also looking out for a kind of behaviour where the highs that we are at get broken, we see a new high and then it plummets.
The main thing we are looking to see is if we get yet another 4 hour close in the next box as if this happens we have a very strong chance of going to $88
but at the level we are at price can go whenever! |There has been a Blue Vector candle at the top in the hourly timeframe. Recovering the Red Vectors from 25102021 this is a bullish indicator. But the main thing that will mean Oil is still Bullish is if the daily timeframe is embedded on the RSI. Once the embedded is lost in the daily timeframe that will be a good indicator that we have a meaningful short coming.
Keep the short scalps short and sweet, hold longs from good buy prices and always be ready to switch to plan B or C at anytime when trading Oil!
Good luck Guys!
This is not financial advice and should be taken with a pinch of salt
This close in the box above, as mentioned in the previous post would signal a journey to the end of the box. We had to wait another hour for the 4 hour candle to close and make sure of the continuation. All of Monday and Tuesday so far have taken us to the top of the box at 85.7.
Where do we go from here? We are definitely holding some longs from 83.5 but have equally enjoyed some short scalps from 85.7 ($0.70 and $0.40) and will see if this gives us a meaningful short from here.
We are also looking out for a kind of behaviour where the highs that we are at get broken, we see a new high and then it plummets.
The main thing we are looking to see is if we get yet another 4 hour close in the next box as if this happens we have a very strong chance of going to $88
but at the level we are at price can go whenever! |There has been a Blue Vector candle at the top in the hourly timeframe. Recovering the Red Vectors from 25102021 this is a bullish indicator. But the main thing that will mean Oil is still Bullish is if the daily timeframe is embedded on the RSI. Once the embedded is lost in the daily timeframe that will be a good indicator that we have a meaningful short coming.
Keep the short scalps short and sweet, hold longs from good buy prices and always be ready to switch to plan B or C at anytime when trading Oil!
Good luck Guys!
This is not financial advice and should be taken with a pinch of salt
Trade active
The beast is 150pips or so from the top of the next box after yet another 4hr close in the above box! 88 next stop is very possible!
Related publications
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.