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USOIL, reversing from head and shoulder pattern.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, Sell High in trading ranges until there is a breakout with sustained follow-through buying/selling. At the moment, the market is trading near the lower third of the trading range which is the buy zone. Trade safely, Trader Leo
EIGHTCAP:USOUSDLong
by Leo-btm
7
EURUSD, It's just a Trading Range. EURUSD / 1D Hello Traders, welcome back to another market breakdown. EURUSD has been trading in a trading range, the price keeps making new highs, and lower highs which is a sign of a bullish trend for now. However, the price also rejected strongly the high of the range which is a first signal for the bulls to get out. Safe play would be to wait for the bearish trend to form first. I'll be looking for shorting opportunities from now on until we get a clean creak above. Trade safely, Trader Leo.
Short
by Leo-btm
8