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Forex101

USOILOil has been an interesting one this year. After seeing price drop below -$30 a barrel and now back to $40, you can definitely say it has been a roller-coaster this year. But when is the right time to buy oil? Let's take a few fundamental facts into this With counties opening back up around the world and transport and business starts to go back as normal, there will be a lot more demand for oil. Now, given there was to much supply and no demand, it may take time to use up a lot of the supply before more demand comes back into it. As I sit here and look at the USOIL chart on my screen, I’m noticing a bullish continuation pattern forming on the daily chart. My idea on this is to wait for daily bullish clove above the $41.35 resistance before continuing higher back to $51 - $52 level.
TVC:USOILLong
by UnknownUnicorn334611
Bitcoin Permabulls Are Not TradersAfter taking a very steep dive to the depths of $3.9K, Bitcoin damn near immediately started to retrace in aggressive fashion and while doing so, formed an obvious ascending wedge. Basic TA tells us, a downtrend followed by an ascending wedge is quite bearish. Add this to the fact that sellers were waiting nearby to jump on the overpriced value. In my mind, many HODLers were intially late to sell at $10.5. The retrace here to $7K is there last attempt to salvage a portion of the losses they may have accrued since the downturn. On the other hand, Permabulls being permabulls were continually attempting to push price up above $7300. At this point, its safe to speculate that a portion of Bulls are now bears or have simply hedged their positions. The lowest level of support I could find for BTC was at $216. There's a stronger support level at $1617 however. Look for a bottom out somewhere in this range. The fact that we've recent hit $3.9 and failed for 48 hours straight to secure bullish territory (above @ $7300) means that we need a lower base support level. Where is it, is the million dollar question. I'm gonna vote for somewhere between $216 and $1617. I can't say precisely but, SHORT THE SHIT!
COINBASE:BTCUSDShort
by UnknownUnicorn5320750
6
AUD/JPY Short Trade BiasLoving this trend in AUD/JPY both on the Daily & Weekly. Currently, we've seen the weekly pullback to a dynamic resistance (moving averages) where it's then proceeded to print a Doji rejection bar right on the 50% Fib level with a follow-through of last weeks bearish close. On top of that, we've seen the stochastic come to an overbought level on the weekly and proceeded to cross over which gives us extra confirmation. I think having a wide enough SL (100 pips) with a target of 270 pips or so could be a pretty decent trade. So to check this trade-off we have: Weekly Stochastic overbought (Check) Weekly rejection Doji and lower high (Check) Weekly Bearish Engulfing close (Check) Moving Averages working as dynamic resistance (Check) Rejection at the 50% level (Check) Looks good to me!
Short
by fxjoe_
2
AUD/NZD Short Bias IdeaRecently we've seen AUD/NZD gain a nice bull trend from its lows at 1.03549 with a 300+ pip move to the upside. Currently price is testing the 1.06950 zone with a triple top in play. Al-thought on the lower time-frames we've had a nice bullish trend, I'm still playing this trend on the short side based on the weekly trend being under the 200 EMA at this very moment and price is testing the area of the 200 EMA on the weekly. In the coming days / weeks I'll be looking for selling pressure or evidence price wants to come to the downside.
Short
by fxjoe_
GBP/NZD Short Bias TradeThis pair has much better market structure than the GPB/AUD in my opinion. If i'm going to take one of them, it's this one... We can see the pair has had a nice rally to the top of the trend line now putting in a new re-test of the descending trendline. I'll be looking for short trades early in the week on this market. What tops this off is NZD is now hitting major support and we could see some strength come back into the NZD which should help push this one down more. On top of that, we're testing the 200 EMA on the weekly chart and last week closed as a nice rejection at this level. Shorts all the way back down to support in my opinion.
Short
by fxjoe_