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WTI (Crude Oil)

USD/CAD, WTICO/USD, EUR/USD and SUGAR/USD on watch for me today.USD/CAD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing push back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag. • If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place this trade. WTICO/USD: • If price corrects and a clear one hour flag forms then I'll be looking to get short with a reduced risk entry on the break of the flag. • If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place this trade. EUR/USD: • If price pushes up impulsively above the corrective, it does so in a convincing manner and a subsequent tight flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag. • If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place this trade. SUGAR/USD: • If price pushes up to and ideally just above our rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry after a phase line break on either the one hour or the fifteen minute chart. • If price pushes up to and ideally just above our rayline and it does so impulsively, then I'll be waiting for a convincing impulse back down below it followed by a tight flag and then I'll be looking to get short with a reduced risk entry on the break of the flag. • If neither of these setups present themselves then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place either of these trades.
OANDA:SUGARUSD
by StewySongs
12
WTICO/USD, EUR/CAD, EUR/USD and USD/JPY on watch for me today.WTICO/USD: • If price pushes down impulsively below the upper ascending trend line of our most recent piece of structure, it does in a convincing manner and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag. • If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place this trade. EUR/CAD: • If price pushes up impulsively above the lower descending trend line of our most recent piece of structure, it does in a convincing manner and a subsequent tight flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag. • If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place this trade. EUR/USD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get long with a risk entry after a phase line break on either the fifteen minute or the one hour chart. • If price pushes down impulsively to and ideally just below the lower trend line of our most recent piece of structure, then I'll be waiting for a convincing push back up above the corrective channel to the left followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag. • If price simply pushes up impulsively above the corrective channel to the left from where it currently is, it does so in a convincing manner and a subsequent tight flag forms, then I'll again be looking to get long with a reduced risk entry on the break of the flag. • If none of these setups present themselves then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place any of these trades. USD/JPY: • If price pushes down impulsively below our higher time frame rayline, it does in a convincing manner and a subsequent tight one hour flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag. • If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place this trade.
by StewySongs
2
WTICOUSD UPDATE!!!!!Hi Traders, Price found resistance around the $50 mark which can be considered a psychological level too. The rejection was large as the price of oil has been in a bullish trend ever since the hoped of a vaccine came out. The velocity of the rejection can also be thought to be in combination with the way economies are dealing with the distribution of the vaccine as well as deciding types of restrictions over the holiday season. Closer to home, it can be argued or not that the UK has handled the COVID 19 situation worse than any other nation, with even more fears arising as a new strain of the COVID 19 develops. We have also seen France shut its borders to movement from the UK. The next question to ask is who is next to shut their borders as well as potential further lockdowns to economies over the world as this new strain develops. Looking at the price action it looks like we may be in a small range, between the two grey boxes with a rejection from the top one adding to confirmations for price to move lower. Thanks The Market Sniper Team
OANDA:WTICOUSDShort
by Market-Snipers
WTICO/USD UPDATE!!!!Hi Traders, We have here an update on crude oil. Oil is still extremely bullish, the red candle on the 14th Nov, (circled on the chart) clearly shows a test of support as well as testing the ascending triangle. However, we must be careful as there are fundamentals to watch out for. The biggest one being the vaccine. As the vaccine continues with distribution as well as the Moderna vaccine waiting to have the go ahead price will most likely continue to move slowly. We will also need to watch out for the efficacy of the vaccinations as this will be of great importance, COVID 19 cases are also surging which could be an indication of further restrictions on economies or even worse a continuation of lockdowns which would be the more severe outcome. The next resistance level for oil will be around the $49.5-$50. Thanks The Market Sniper Team
OANDA:WTICOUSDLong
by Market-Snipers