USDWTI
Oil (USDWTI) Sell4H timeframe needs to see a healthy retracement after a nice bullish run. Long term bullish, however our 1H timeframe is newly bearish along with our 15 minute timeframe. We are in the process of the 15min retracement for a bearish extension. 15 min candle just engulfed, confirming sells for me.
Sell
Entry: 73.65 - 73.75
SL: 74.30
TP1: 73.18
TP2: 72.55
TP3: 70.50
TP4: 69.20
R/R: 5.49
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WTI Crude oil. Don't miss this Bear Flag!Crude oil broke below long term support (white) and we see the healthy pullback in the making.
This move shaped the favorite Bear Flag pattern with a Low Risk / High Return potential.
Wait to sell on the breakdown.
Target area is set within the orange box per Fibbo levels.
I guess it's 5 of (1) in terms of EW.
Take care!
USDWTI - Price has reach critical support areaUSDWTI blew through near term support last Friday and has now fallen to a critical support. Due to the importance of this price level we may see it hold where the near term support levels were not able to hold. If your a contrarian trader and believe that this key support level will give you increased probability of price holding and popping higher in the near future this may be the right time to buy. There are a lot of different strategies to go long oil, a very bullish strategy would be to go long OIL or the futures. A neutral to bullish strategy would be to sell puts in OIL or XLE to collect the high premium that the options are fetching and profit from any move higher.
USDWTI - Price approaching major support for long setupsHey fellow traders, I am traveling for both personal and business over the next two weeks and will not be posted as frequently as usual. If you haven't been following me you have missed a number of accurate predictions in the last few weeks such as the AUDUSD bullish breakout, JPYUSD bull trap, SP500 breakout, Gold price pop, Macy's bullish price explosion and a number of other calls. If you would like accurate analysis to supplement your own, please follow me and watch/like my videos. Now onto oil. After an explosive move high the market has finally reached a point of exhaustion and has begun falling back to a key support level. While this trend remains intact we want to be long and only long . Picking up pennies in front of a steam roller is not a winning strategy. With that in mind we are watching for USDWTI to reach the key area of 69-70 and throw a high quality bullish candlestick signal such as a bullish pin bar, bullish engulfing bar, 2 bar reversal, or an inside bar. Be watching this level closely.
USDWTI - Bullish bias and looking for opportunity to get longUSDWTI has had a great run up over the past few weeks. It was blasted through each resistance level and continues to march higher. In markets like these we do not want to play chicken with a freight train, which means we do not want to go short at all. Right now we want to look for any opportunity to get long. Price has slowed within the last few days and is showing some signs of exhaustion. We want to be looking for a price pullback into the 69-70 range and then a large, clear, high quality bullish price action signal to form. Prudent traders will be watching this area for bullish patterns to form and be ready to pounce on the opportunity if it comes.
$70 OIL SHAKEOUT?Most commodities seem to be preparing for a bull-rally but oil has been on a run of its own since February, rising 18% (from $58 a barrel to just about $70). However, the $70 price level seems to indicate potential weakness in buy-side pressure and may lead to the start of what might be a serious bear play.
Its quite tough to call a top, so here is a picture of what I think the possible scenarios are:
USDWTI shorter term LONGAnalysis:
I've seen USDWTI trade out of its downward channel (reversing from a significant 2hr level)
It has currently created/in the process of creating, its wave 1
Hypothesis:
I am looking for a wave 2 pullback to the purple reversal zone where I have indicated by the blue arrow.
Price should bounce from this area and create its wave 3.
A bounce at this level after a abc correction should produce a impulsive wave higher (wave 3) similar to the wave 1.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
USDWTI Possible ShortI'm expecting a short here but either way, if it a 1 hour candle closes outside of the box I will enter a short. For best results, watch for it to close outside of the zone and then re-test the break.
Possible trend change longer term as well so you may be able to hold long term (Much longer than the three TP's.
USDWTI - Range boundAB being the range confirmed by CDEF with D already giving a break on the Resistance hasn't given any Priceaction scenario of acceptance or unacceptance/rejection
We have 2 scenarios at each boundary
Scenario 1 : Acceptance at boundaries - Orange arrows
Break and Acceptance at boundary 'A' will give a Short setup
Break and Acceptance at boundary 'B' will give a Long setup
Scenario 2 : Unacceptance at boundaries - Green arrows
Break and Unacceptance at boundary 'A' will give a Long setup
Break and Unacceptance at boundary 'B' will give a Short setup
Note: The decision to enter a Long or Short based on Acceptance or Unacceptance will be done only after the priceaction observation post break of boundaries 'A' and 'B'.
USOIL (WTI OIL) Trend SHORT | Sell $51.97|$55.00 (Target $42.10)USOIL, WTI have positive COT for now, global OIL trend is down.
Signal:
Sell Limit 1 - $51.97
Sell Limit 2 - $55.00
Stop Loss - $58.10
Take Profit - $42.10
$USDWTI W,DW: Hidden Bearish Divergence ended, near break-out of RSI trend line, RSI > 50 , MAs are close too, price just about to cross up MAs
D: price over MAs, RSI and MAs > 50
.764 fibo as next target
caution: API Weekly Crude Oil Stock today
Oil definitely lower at this pointSpent too long flopping around below $50 here as well as broke a volatility contraction pattern to the upside then immediately kicked in the bucket and sank below the funnel level. Short term back near $47
Weak oil.Abnormally larger sell volume in last downturn on the price of oil, followed by significantly lower volume on this rise. Bigger players have been taking their exits, be very cautious with any crude oil longs here..
BAT Pattern near completion on USOILBAT Pattern near completion on USOIL/USDWTI. AB = CD completed. Started building short positions on Crude Oil.
