Usoilsignal
WTI Oil : 73.75-76 level possible short term target ?Seems like a clear upside break out with a short term support near 67 handle ( previous resistance) + SSI is around 30% on an average
Trend : Bullish
Signal : Buy @ 68.50 (weekly pivot) , Buy limits above 64.25 - 66.00 (Supports)
Strategy : Split positions
Target : 73.75 - 76 Handle
Stop Loss : Manual close / Parallel position below 64
Tuesday: USOIL - Week 22Check out related ideas for analysis context! - these patterns really work!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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WTI Oil : Stop Hunt /HH to 67.80 -68.20 handle possibleAfter the stop hunt /HL around 61.65 ,Price returned to the old daily range 63.50-67 indicating it will continue to trade inside the range or an upside break out since the SSI is around 25% and every dip is bought strongly .
Trend : Range
Signal : Sell Limit 67.80-68.20
Stop Loss : 68.75
Target : 65-63.75
US OIL LONGLooking for oil to make a pull back upwards before we see the actual downtrend commence. We can see on the daily and most time frames that the trend is shifting. This long is risky as oil as the potential to did into the 57.80 region, for those that were messaging me knew my overall bias was short but I have been in the long trades.
There are two scenarios from here.
S1
Oil is bullish until $56 a barrel is broken, until this region is broken we have the potential to see $64-65 a barrel. If this is the case I will keep up to date with long trades.
S2
Oil rejects the $60.60 - 60.80 region and we see the decline. If we pull to this region it would form a H and S pattern. But I would like to see $61.20 spiked in this case. This would wipe out stops.
USOIL - Far level retest.The price is returned for the retest level the previous touch of the level more than 1 year ago. Moreover, a strict number of false breakdowns.
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Oil Hedge Buy OrderOil Long Position
Entry: $53.07
TP & RR: $54.12 (2.49)
Stop Loss: $52.76
REASONS FOR THE TRADE
If you followed my trade idea from yesterday, then you should have an open short position at $53.55. I was expecting a lower high, but instead, the price formed a double top. Our SL wasn't hit.
Anyway, I believe a new uptrend channel has formed and in order to secure your profits from the short yesterday, I suggest moving your Stop Loss as well as considering a hedge long position. Should this trade idea prove valid, you will be piggybacking on the small uptrend until we reach the upper channel. If it turns out to be invalid, then part of your short order will cover the losses for this long. Stop Loss is under the lower trendline and the target is set at the upper one.
USOIL Long PlayUSOIL looking perfect for a long
Huge rejection of the 78.6 as well as a higher low on the 1H timeframe.
The prior wick indidcates some strong buying pressure from the region below and a long makes a lot of sense.
Stops just below the prior hourly wick, take profit at $44.
Hope this helps.