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USOIL, Resistance becomes support? USOIL / 1D Hello traders, welcome back to another market breakdown. Crude Oil traded lower earlier in the week after a small pullback bear trend. The bears got 3 pushes down, forming a wedge pattern. They want a retest of the June or May lows, followed by a breakout below. The bulls see the current move down simply as a bear leg within a trading range. They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. They hope to get a retest of the September high. Crude Oil remains in a 71-week trading range. Traders will Buy Low and sell High in trading ranges until there is a breakout with sustained follow-through buying/selling. At the moment, the market is trading near resistance, traders should wait for the next pull-back and look for buys. Trade safely, Trader Leo
EIGHTCAP:USOUSDLong
by Leo-btm
3
USOIL, Bullish trend.USOIL / 1D USOIL / 1D Hello traders, welcome back to another market breakdown. Crude Oil traded lower earlier in the week after a small pullback bear trend. The bears got 3 pushes down, forming a wedge pattern. They want a retest of the June or May lows, followed by a breakout below. The bulls see the current move down simply as a bear leg within a trading range. They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. They hope to get a retest of the September high. Crude Oil remains in a 71-week trading range. Traders will Buy Low and sell High in trading ranges until there is a breakout with sustained follow-through buying/selling. At the moment, the market is trading near resistance, traders should wait for the next pull-back and look for buys. Trade safely, Trader Leo
EIGHTCAP:USOUSDLong
by Leo-btm
7
USDCAD, a setup for the bulls.USDCAD / 1D Greetings, fellow traders. Welcome back to another insightful market breakdown. The USDCAD pair has encountered a setback in its attempt to breach previous lows, followed by a return within the established range. Anticipating further upward momentum, I foresee potential growth in price after a thorough examination of the last Support/Resistance (S/R) level. My strategy involves initially awaiting a breakout from the current range, followed by a proactive approach during the subsequent pullback phase. Wishing you safe and prosperous trading endeavors, Trade safely, Trader Leo.
Long
by Leo-btm
6
AUDUSD, Showing strength.AUDUSD / 1D Greetings, traders! Welcome back to another market analysis. The AUDUSD pair has been following a bearish trend, with the price indicating signs of breaking out from a channel. This breakout suggests the possibility of further upward movement. I intend to consider entering positions at lower prices following confirmation of the lower time frame during the next pull-back phase. It's important to note that this analysis does not constitute a signal. Specific entry points, stop-loss levels, and target prices will be shared exclusively after price action confirmation on a lower time frame is observed. Trade safely, Trader Leo
Long
by Leo-btm
14
USOIL, finally breakout out?USOIL / 1D Hello traders, welcome back to another market breakdown. Crude Oil traded lower earlier in the week after a small pullback bear trend. The bears got 3 pushes down, forming a wedge pattern. They want a retest of the June or May lows, followed by a breakout below. The bulls see the current move down simply as a bear leg within a trading range. They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. They hope to get a retest of the September high. They will need to create consecutive bull bars closing near their highs, trading far above the resistance to increase the odds of higher prices. Crude Oil remains in a 71-week trading range. Traders will Buy Low and sell High in trading ranges until there is a breakout with sustained follow-through buying/selling. At the moment, the market is trading near resistance, traders should wait for the breakout first then look to get on the next pull-back. Trade safely, Trader Leo
EIGHTCAP:USOUSDLong
by Leo-btm
15