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USOil | New perspective for the week | Follow-up detail

Updated

The Oil market has been gripped with fear and uncertainty in the last couple of weeks (s) to impose selling pressure as we witnessed a drop of over 1,000pips during the course of last week's trading session. Now that the price cap of $60 per barrel on Russian oil has been agreed upon by the G7 last week; how will the market react or respond to this development in the coming week(s)? From a technical standpoint, this video illustrates how I intend to use the current structure in the market to project a trading opportunity during the coming week(s).

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Trade active

So, since the beginning of this week, price action appears to have found a new tight channel ($72.15 & $71.50) within the major channel identified in the video.
If we consider the breakdown of the $71.50 level during last week's trading session, selling pressure below the $71.50 level might incite another wave of bearish momentum. However, if the price breakout/retests the $72.15 level then a buy position will be considered for the week.

GOod morning

Trade active

Secure position as sell position was triggered at the breakdown of the support level at the $71.50

Trade active

Secure position as we anticipate a breakdown/retest of the $71.50 level to add position; Going into the live studio in a couple of minutes. See you there!

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This was discussed at length during our live session today (see video on my youtub); So the price takes out the sell position with a small profit as we look forward to re-entry below the $71.50 level. However, a breakout/retest of the $72.15 level could incite a reversal move. Update coming up soon

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BUy position triggered, a secure position as we anticipate adding position(s) at breakout/retest of the $74.00 level.

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220pips in profit, secure position

Good morning

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Continued buy pressure above the $74.00 level to add position

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SEcure both positions as price breaks out of the $74 level

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Over 400pips in profit with 2 positions running. With buying pressure above the $75.50 level during the later part of the NY session yesterday, a breakout of this level today might be another opportunity to add one more position. However, the price breaking down the $74 level with sell pressure below this structure will be a signal for a reversal move.

Good morning

Trade active

Secure all positions

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Just as discussed during the live session this morning - breakout/retest of the $76.00 level triggers another entry

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It has been a profitable trade since the beginning of the week with 4 positions running in profit... Time to Start locking in profits as the price edges closer to our TP target zone.

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Fed Interest rate decision and FOMC coming up within the next 30 minutes, so we want to protect the positions against price moving against us.

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Despite sell pressure identified around the 77.50 level, price action still has the potential of respecting the bullish trendline as accumulation is identified around the line and the possibility of a trend continuation could happen at the breakout/retest of the new level situated at the $76.80 level. However, if price breakdown/retests the trendline we shall be getting ready to sell at the sight of selling pressure below this structure on the lower time frame. Ensure all position is secured...

Good morning

Trade active

Just as discussed during our live session today; Secure all positions as we anticipate another entry at the breakout/retest of the $77.50. However, if selling pressure resumes in such a way that the price breaks down the trendline, then we want to get ready for selling opportunities. See the replay of our live session for details on how to manage this trade (video uploaded on youtub).

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Sell pressure resumes

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Secure the sell position

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80pips in profit, secure position

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Sell pressure resumes

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70pips in profit, secure position

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We want to ensure that the current position is secured as buying pressure appears at the $76 level.

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The second position got triggered at the breakdown/retest of the $76.00 level. Secure all positions as buy pressure appears around the $75.50 area.

Good morning

Trade active

Close to 300pips in profit, secure positions as we look forward to adding more positions at a possible breakdown/retest of the $75 level

Trade active

Secure all positions as third position gets triggerred

Trade closed manually

Out of all positions

Congratulations to everyone who was part of the profitable journey this week...

Happy weekend to you all!

darcsherry

Trade smart. Trade consciously

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USOil | New perspective for the week | Follow-up detail

by darcsherry

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