CFD
Crude Oil ~ 4H Swing V2 (Sept-Oct)Updated 30/09/23:
- Revised up-trending parallel (green)
- Added down-trending/consolidation parallel (white)
- Added horizontal lines (yellow/dashed) to mark upper/lower range (94.239-87.829)
Everything else stays the same (chartist holy grail lol).
Notes:
- Further write-up on Daily Swing V2 Chart
- Faded out longer TF parallel lines (light blue)
TradingView has a sh*tty chart bug where any trend-lines drawn on longer TF become misaligned when you switch to shorter TFs.
Temporary workaround = set "Opacity" on affected lines to "0%" before publishing & restore afterwards so you don't have to manually erase/re-draw...just remember where you drew them to begin with lol.
Crude Oil ~ Daily Swing V2 (Sept-Oct)Updated 30/09/23:
- Revised up-trending parallel (green)
- Added down-trending/consolidation parallel (white)
- Added horizontal lines (yellow/dashed) to mark upper/lower range (94.239-87.829)
Everything else stays the same (chartist holy grail lol).
CAPITALCOM:OIL_CRUDE has done an amazing job respecting its upward parallel channel since June.
Could see period of consolidation (foreshadowed by prev price action) into lower trend-line before deciding whether to push higher towards Golden Fib (break upper trend-line), or capitulate to global recession fears & collapse towards 200DMA/23.6% Fib, TBC.
Price action would be biased towards upside given OPEC+ bullish manipulation, however OPEC+ would also be hyper-vigilante on excessive Crude Oil prices which could threaten demand destruction - hence why they opted to review production cuts on a monthly basis to maintain price/economic stability.
US100 ~ 4H Bullish Pennant (1H update)CAPITALCOM:US100 tapped & held above confluence.
US Flash Manufacturing & Services PMI release could bring in some big swings in either direction...however intuition tells me majority of implied volatility will manifest next week with US data points:
Wed - CB Consumer Confidence
Thurs - Final GDP (q/q) | Unemployment Claims
Fri - Fed Chair Powell Speech | Core PCE Price Index (m/m) | Revised UoM Consumer Sentiment & Inflation Expectations
Play-by-play looks the way..
GOLD, Breakout The Bull-Flag-Formation, Confirming The Trend!Hello, Traders Investors And Community, welcome to this update-analysis about GOLD, there are some new meaningful signs in the current formation and price-action which I detected, the last time I mentioned GOLD I recognized an important bull-flag-formation within the structure if you did not see this analysis I recommend that you go to my account and have a look on it. The last hours we saw GOLD breaking out the current bull-flag with good volume and volatility, that is overall all an excellent sign for more continuation to the upside which I mention here with the targets integrated. We are looking at the locally 4-hour time-frame.
As you can see in my chart GOLD has still this strong rising-resistance-line above which serves as a highly important resistance in the structure. First of all, it is a good sign that we broke out of the bull-flag which you see in my chart, the next time it is within the high likelihood schedule that the bull-flag will be confirmed with a pull-back of the higher boundary of the bull-flag before moving higher after the confirmation. If the confirmation happens the next time this will be a good place to open a conservative long-position with a stop-loss below 1710 level, it is wiser to wait on the confirmation here than to rush in the trade as there is still some resistance above.
After the confirmation happened we can expect GOLD to move higher to the first short-term-target at 1775 which you see marked in my chart in grey after this target is reached we can expect that gold will have a smaller correction to correct its upward-move before moving higher and finally reach the overall full-bull-flag-target which you see in my chart at the 1790 level. This target also matches coherently with the rising blue resistance line and building a bearish confluence zone there. On the longer time-frame, I observed that GOLD is trading in a possible big inverted head and shoulder formation in which we are forming the right shoulder currently but this has to be confirmed properly and when it does we have a good sign to move higher in price action.
On the fundamental side, we have the overall stock-market which is declining and this is almost always a bullish sign for GOLD to move higher as the history showed already several times. When the corona-restriction do not increase in the country's again I do not see much of resistance for the growth of gold in the middle-term-basis, remember that when these restrictions increase or we get a second wave of corona-fears on the global-economy it can affect GOLD also as it affected the whole market-landscape, in this case, we need to be prepared and consider the changed situation again, therefore we need to do not get overly speculative and see the situation as it is because that happens fewer and fewer in today's markets.
Thanks for watching, support for more market insight, and all the best.
There are many roads to prosperity, but one must be taken.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
SILVER (XAGUSD): Scalping Trade For Market Opening 🪙
Those who trade the market opening, watch Silver on 30m time frame.
The price reached a solid support and formed a tiny double bottom on that.
If the market breaks and closes above 22.94 minor resistance,
I will expect a bullish movement all the way up to 23.1 level.
Safe stop loss will be below a green support.
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SILVER (XAGUSD): Time to Buy 🪙
Update for yesterday's setup on Silver.
The price is still approaching a key horizontal support that we spotted earlier.
Here are 2 bullish confirmations that I spotted analyzing hourly time frame:
the price formed a tiny cup and handle pattern and broke its neckline.
The price violated a resistance line of a falling wedge pattern.
I believe that the market will start recovering now.
Goals: 23.32 / 23.46
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SILVER (XAGUSD): Important Key Level to Watch 🪙
Silver is currently testing a key horizontal demand zone.
Taking into consideration that the market is quite oversold after a strong bearish rally,
we may see the pullback from the underlined area.
Your confirmation to buy will be a bullish breakout
of a neckline of a horizontal range on an hourly time frame.
Hourly candle close above 23.2 will confirm the violation,
a pullback will be expected to 23.33 / 23.45 levels then.
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GOLD - Is History Repeating Itself ⁉️Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
After rejecting the 2080 resistance, GOLD has been overall bearish trading inside the falling channel in red and it is currently retesting the upper bound / trendline.
Moreover, the zone 1980 is a strong resistance.
🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the blue resistance and upper blue trendline acting as a non-horizontal resistance.
As per my trading style:
As GOLD approaches the "3" zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
For the bulls to kick in and invalidate the bearish scenario, we need a break above the blue resistance.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich