OIL SHORT RE-ENTERAfter being stopped out by a marginal higher high I've now re-entered a short with SL just above 74. Looking to profit from this one as I am confident that OIL will pull back.
Oilprofit
Extra Cash For Christmas HolidayHey trader, I hope you having a profitable week. If not, try this:
But first, let me explain how these trades will be triggered. If the price bearish bounces off the 4H Half a Bat Neckline, 50 and short-term MA’s with a bullish reversal candle close (1st trade signal), then proceeds to bullish break and retest the (Possible) 4H H&S Neckline (2nd trade signal); according to the 4 Hour: the price would be or have formed a head and shoulde pattern and in prep to rally for its 3-level trend; and according to the daily: the price would be bouncing off the 50 and 8 MA’s - in prep to rally for the double bottoms L1, so once that hapens, then I should BUY → E.1 - E.2
That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section (below), I'd love to know your thoughts!
Stay Blessed Baby,
Sphatrades.
$USOIL Returning to Tighter Previous Trade Channel (BULLISH!)$USOIL is again passing that 45.66 resistance mark spoke of in early ideas.
It is nearly dead center of the trade channel it was before the anomalous dip that is highlighted in the red oval.
The target on this remains just under 50/b. The path seems to be clear to it, but we will have to keep an eye on industry activities with regard to shutdowns, etc. While the hope remains for oil to return to 50+, even 80 - this winter could be brutal with COVID--and regular flu/outbreaks. The two working together could be an ugly thing, and it would absolutely slow economic activity and cap the growth that oil could possibly see. No distant LONGS make sense, but a shorter-term LONG on oil is quite nice.
See related idea regarding a 49.8 target-point.
Best of sh*t, be it bear or bull, sh*t
-BDR
