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Crude Oil Brent

TS ❕ BRENT: positive wayThe oil situation most likely continues to develop in a positive way. Presumably, the support level at 88.65 will be the starting point for the continuation of the upward momentum. BUY scenario: The 88.65 level would be a good place to place a buy order. Growth target level 94. This idea is medium-term. ----------------------------------------------------------------------------- Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
TVC:UKOILLong
by UnknownUnicorn15614419
3
OIL - History Repeats Itself... ⚡️⚡️In the market we see patterns and price action repeat itself over and over again. This is the very framework of technical analysis - where we forecast future price action based on historical price patterns. In one of our previous posts, we looked at a very similar price behaviour from EURUSD where we had the same sequence of price action play out almost identically to historic price action. See below: EURUSD went on to play out exactly how it did previously. Here we have USOIL making eerily similar price action before. We have the following: 1. Bullish correction 2. Major impulse 3. Minor impulse after a brief retracement 4. Double top... Kinda = The second peak went above the first peak 5. Major Drop It is possible that we'll see very similar price action now in Phase B and have a major drop just like we did in Phase B. Trade Idea: - Watch for price to break the double top and then reverse - Enter with stops above the highs - Long term target will be the structure level indicated in the chart (5000pips) but take your positions off gradually Goodluck and as always, trade safe!
TVC:USOIL
by WicktatorFX
117
USDCAD x USOIL - A Peek Into The Future Of Oil 🛢👀USDCAD and USOIL are inversely correlated - meaning when USDCAD goes up, OIL goes down (and vice versa). In the chart we have USOIL at the top and USDCAD inverted at the bottom. It appears that USDCAD is ahead of Oil by around a month or so. When USDCAD started it bearish wave, USOIL was starting its bullish wave (after a month). We recently saw a third touch of a trendline for USDCAD and price rejected nicely and USDCAD is now bullish. We haven't yet seen that for USOIL. We're still yet to touch the trendline for the 3rd time, which will very likely follow USDCAD inversely. FUNDAMENTALS Fundamentally we have reason to believe that in early Feb Oil prices will head lower. Opec Plus is expected to adhere to its current strategy at its February 2nd Meeting, raising its March production target to 400,000 barrels per day. More supply = Lower prices = USOIL Shorts. It just so happens that the third touch of the trendline for USOIL falls around the Feb 2nd - which would give us a perfect reason to short. In conclusion, we have the following reason to short OIL: - USDCAD is leading the way a month early whilst USOIL follows - USDCAD has already hit the trendline for the 3rd time and is bullish - USOIL is about to hit the trendline for the 3rd time and turn bearish - If the OPEC meeting goes well and they adhere to the 400k barrels a day, we will see USOIL move lower. What do you guys think? Do you agree? Did you know about this correlation? Let me know below. Goodluck and as always, trade safe!
TVC:USOIL
by WicktatorFX
11
My current view on Crude Oil + explanation.Today, I will explain my perspective on one of the most relevant commodities in the world. After the price broke the current support/resistance level, we observed a 26% correction, and currently, the price has broken the structure. We can observe the same behavior in the previous bull runs from 2007 to 2009 and 2010 to 2011. The sequence is a Big structure followed by a breakout followed by a correction (green circle). Any entry above that with a stop loss below the structure provided a great setup to gain exposure to the massive movements we can see on the commodity. So the plan for me is still the same. The structure happened, the correction is about to be completed (green circle), and after this week, I will be setting pending orders on a new local high with a stop loss below the green circle and a target on 109.00 IF everything goes as expected, we can think of a 150 -200 days movement, and a risk to reward ratio of 3 (that means that for every dollar I'm risking, I'm aiming to make 3) The risk I will be using for this setup is 3% of my total trading account. This type of risk management is because my system has a low execution rate per month, around 1 setup a month. On other strategies with a much higher execution rate, I may use 1%. What happens if the price keeps falling and never reaches your entry-level? You cancel your setup, that simple. And remember if you have a stop loss, this is part of the game; catching great trades requires to be stopped out, so don't think that a take profit is a clean profit, and a stop loss is an absolute loss. You should evaluate your system after several executions (in my case, at this execution rate, after 10-15 setups, I can observe a 50% win rate and an average risk to reward ratio of 2. Remember, trade like a casino. Thanks for reading!
TVC:USOIL
by ThinkingAntsOk
3
CRUDE OIL (WTI) Key Zones to Watch 🛢 WTI Crude Oil looks quite overbought at the moment. The price may retrace before it goes to the next highs. Here are key zones to watch for potential buying: Support 1: 77.1 - 79.2 zone Support 2: 72.9 - 74.8 zone Let the price reach one of these zones first, then look for a confirmation on lower time frames to buy. In case of a bullish continuation, the next resistance will be 89.5 - 91.0 level. From that zone, a pullback will be expected. ❤️Please, support this idea with like and comment!❤️
TVC:USOILLong
by VasilyTrader
14
TS ❕ BRENT: short to 85.15At the beginning of next week, a slight downward movement is expected immediately to support 85.15, from where the price is likely to continue its upward movement to new highs. SELL scenario: Due to a small rollback to support 85.15, one can open a short position with a small stop loss at the level of 88.65. The target, respectively, of the fall lies at the level of 85.15. ----------------------------------------------------------------------------- Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
TVC:UKOILShort
by UnknownUnicorn15614419
1
TS ❕ GOLD: trade in rangeAs expected, now the maximum level to which gold can rise is 1827.950. In the future, if the price manages to close in the range of 1813.885 - 1827.950, then further growth can be expected. Otherwise, the direction of the metal will be towards the level of 1800. BUY scenario: This buy deal implies a trade within the range 1813.885 - 1827.950. Therefore, the long is considered strictly from 1813.885 with the target of 1827.950. In this case, the risk/reward ratio of 1/2 and 1/3 is considered. ----------------------------------------------------------------------------- Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
OANDA:XAUUSDLong
by UnknownUnicorn15614419
5
TS ❕ BRENT: above 85$Oil is likely to hold above 85$ in the near future. At the moment, a small downward correction suggests itself, but you should be careful, as the price is moving in a strong uptrend. SELL scenario: A deal to sell is expected after the formation of the third top. This setup will be as confident as possible with the target of 85.15. ----------------------------------------------------------------------------- Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
TVC:UKOILShort
by UnknownUnicorn15614419
3
TS ❕ BRENT: test 85.15Oil buyers have done a great job in their favor by closing the week above the level of 85.15. Now one should expect a test of this level, from where you should set the buy priority for yourself. SELL scenario: A rollback to 85.15 is not long in coming, and on Monday you can try to sell accurately. The best option was a candlestick formation at current levels that would indicate short. ----------------------------------------------------------------------------- Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
TVC:UKOILShort
by UnknownUnicorn15614419
7