BCOUSD trade ideas
BRENT ?
We had passed a multi week resistance.
I think that below 90.000 won't be there for long.
Fundamentally news supports higher Oil prices.
For short run. Will be looking at 95.00
I'll have to track news on this..
I wish you all well
All the best
CRUDE OIL Heist Plan to Rob the oil barrelsHola Traders,
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UKOIL APRIL 2024 WEEK 2 OUTLOOK -
Daily - looking good for longs. gap down today looks good for the bias continuation but I will be much keen to enter longs if we get a deeper pullback.
Origin - **90.31** is the level I am looking for. once that gets cleared, I can enter long position. before that happens, it will be better if we get another pullback to start of month AVWAP or even lower to previous week's VAL
Brent Crude Oil Demand Spike(WTICOUSD, too)Looking forward to entering Long on BCOUSD after NFP today.
Am not too eager to enter, if it happens, its good. If it doesn't happen, I am fine too, since today is Friday, and I have to hold my positions over the weekends.
I am used to holding trades over the weekends, however I prefer the weekdays. Therefore, when Mondays roll around, I thank God its Monday!
Anyway, our discounted price zone is the 10EMA based on previous Black Friday Sale discounts offered.
Price made a kink in the 10EMA discount by offering 20EMA discount yesterday or so, however, I do not believe it would continue giving 20EMA discounts which is bigger discounts, because, the Flag Pole is very big and long, while the flag is minute.
As usual, I am very aggressive at cutting losses, and moving my stop loss towards Breakeven and into profits. Once the trade is in, I will immediately shift my stoploss upwards by one tenth of the SL size, because my intention is never to price hit my full R loss. I am wrong many a times, by being too aggressive at cutting losses, moving my stop loss forward, etc and price continues to go in my favour after I am out of the trade, however, the results does show that I am profitable, and so, I will continue with my new ways.
I began doing such aggressive SL shifting earlier this year at around February, and it has been profits for me ever since, week on week.
2002SGT
05042024
UKOIL Bullish Trade OpportunityOverview:
Get ready for a potential uptrend continuation in UKOIL! Our charts are painting a picture of bullish sentiment, and we've got the technical set-up to back up our next big move.
Technical Analysis:
On the 1-hour chart, we've noticed a dip into the golden Fibonacci zone – a classic area of interest for bulls to jump in. It’s an optimal entry spot for those looking to catch the wave up. Switching to the daily, UKOIL is comfortably cruising in an uptrend, channeling between support and resistance levels that have stood the test of time.
Trade Strategy:
Entry Point: We're eyeing the golden fib level for entry – it's where the magic happens.
Stop Loss: To keep things tight and tidy, we've marked our line in the sand just below the recent low. It's our safety net, keeping us clear from any sudden market plunges.
Take Profit: We're aiming high! The take profit is set at the peak – the top black line on our chart – because why settle for less when the trend is our friend?
Risk Considerations:
This isn't about gambling; it's about smart decisions. We've calculated our risk to ensure it's a sum we're comfortable with, should the tides turn against us.
Why We're Bullish:
The stars have aligned with our technical indicators, pointing to a bullish continuation. We’ve got the rising channel on the daily and a sweet spot on the 1-hour chart that's too good to pass up.
Uk_Oil Is Bearish.Been going through Uk100 and turns out that my research reveals that the Sellers have already taken the control .
I will see how it goes.
Happy trading.
Inflation reignition. UK Brent Crude is looking poised to climb higher to test the 2023 high of $95 per barrel. Technically, the commodity is overbought on the RSI indicator so a pullback and test of the blue support range around $87.50 seems like the next likely move. Additionally, the 50-day MA has now crossed above the 200-day MA which is another strong indicator for a sustained move higher.
Commodities are awakening from their slumber which is sparking renewed global inflation fears. Due to escalating global tensions, crude oil has surged more than 10% since the start of March which has seen the price per barrel close above $90 per barrel last week.
Precious metals along with industrial metals have also benefitted from the rise in oil prices which has seen the Reuters Core Commodity index climb to a 6-month high. As mentioned previously, the Federal Reserve’s (Fed) fight against inflation is essentially its fight against oil and this recent break-out in commodity prices has poured some cold water on the expectations that the Fed will start cutting rates as soon as June this year.
Brent oil has broken out or not?Hi
I have posted an idea about UK oil a few weeks ago that tried to show bearish market is not finishes yet but I never insist on my ideas and for now there is a considerable doubt about it I need to share it with you as an alternative.
Just let to break out green static support and then purple channel to decide about bull positions.
SL #61210cbH
261
Based on continuation for idm zone
Failed on brent but taken on crude
Jump into it to early targeting ibm zone
Hidden with combination of 10 structure with 261 was never a good setup in the 1st place.
SL #61130cbS
261h1
Pullback imb
Ep price at 89.30
Entering below
Highest at 89.66
Chicken out
There is another level sharp at 89.60
60cbS from previous day
Not recovered
MM✓
Brent Crude Oil Prices for April, 2024: Brent Crude Oil Prices for April, 2024:
$89.019, $88.024, $88.459 will be the next low.
$90.956, $90.585 follow by, $91.109 = New support
$91.279
$91.467
$91.850
Execution Price =
$91.70
$91.850
$92.255
$92.553
Distribution Price = $93.662
Expect a big drop as if you switch to 1D timeframe the distribution price, $93.662 will create a bearish Neck & Shoulder Pattern! And this will drop the price to $85.848 area! (2) Reason, incorrect move took a place during March, 2024!
DeGRAM | UKOIL bullish potentialUKOIL rebounded from the support level and broke close above the channel.
The market descending channel is just a pullback on the 4-hourly chart, so it makes sense to buy the market.
We expect a bullish move to potentially break out of higher highs.
-------------------
Share your opinion in the comments and support the idea with like. Thanks for your support!
Brent Oil Price Reaches Its Highest Since October 2023Brent Oil Price Reaches Its Highest Since October 2023
The Brent oil chart today shows that the price has exceeded USD 89 per barrel — this is the highest level since the end of October 2023.
Reasons for strong demand for oil:
→ The OPEC+ meeting ended this week. Exporting countries maintained their policy of limiting oil production unchanged.
→ Ukrainian drone attacks on oil refineries in Russia.
→ Latest data on the strength of the US economy.
Technical analysis of the Brent market shows that:
→ The price moves within the ascending channel (shown in blue), which originates back in 2023.
→ Increased demand in the spring of 2024 led to the fact that the Brent price rose into the upper half of the blue channel and formed a steeper growth trajectory (shown by black lines).
→ The median line of the blue channel acted as support (shown by arrows).
The upper limit of the blue channel is around USD 92 per barrel of Brent and it is possible that the price may reach these values in the next 1-2 months.
However, the prerequisites for a correction are not currently in place after an increase of more than 5% over the last 5 trading sessions:
→ the RSI indicator indicates overbought;
→ the price is at the upper black line.
If a correction scenario is realized in the market, the Brent price may drop to the $87 level, which previously acted as resistance.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Confusing picture.Monthly chart.
We can see that the kijun line has slightly crawled
into the cloud, but the candle opened above the line.
Usually this pattern can develop like this, it does not have
an immediate impact for the price to go under the cloud.
We see the Tenkan line sailing higher and we see a very
meaningful trading range of ~$105-$120.
Without vouching for accuracy, I can speculate
as to how this will play out.
Prices will move up into this range and either get
rejected right off the Tenkan line or follow
a multi-month flat inside this range.
Later, the correction will come, and then the void zone
under the cloud will finally start working like a magnet.
But given the extent of the lower boundary of the Kumo cloud,
it is absolutely impossible to say yet whether
this will come in 2024 or 2025 or later.
Crude oil prices are rising this year.
Pattern 1.2 and 1.2? Or an extended diagonal pattern!Dear analysts and traders,
I hope you are doing well and are motivated for the week ahead. I wish you all the success in your business endeavors. Remember that success in trading lies in consistently defining and sticking to your rules.
As someone interested in the Elliott Wave Principle, I find it to be an invaluable tool for market analysis. I have developed my approach by combining this principle with my personal experience and by considering different scenarios that are likely to occur in the market. It should be noted that I do not like to be surprised in the market, and that's why I have different market prospects. I follow them to be sure and recognize the structure that is forming so that I can 100% recognize it.
I will share my analysis with you, but please note that I am not providing any buy or sell signals. My perspective on idea analysis is completely unbiased, so if the idea analysis meets your standards, you can use it as a guide to make an informed decision.
I have attached my previous analysis of the same market so that you can compare and see the differences. All the details of my analysis are clearly labeled, making it easy for you to understand. However, having a basic familiarity with the Elliott Wave Principle theory will help you understand the analytical idea more easily.
I have been studying the Elliott Wave Principle for almost three years now, and over time, my understanding of this knowledge and experience has grown. What I have achieved so far is the legacy of a genius called Ralph Nelson Eliot, and I am really happy with my progress. May peace be upon him.
Thank you for your support so far. I will always remember your kindness. Please share your comments and criticisms with me.
I hope my analysis will be useful to you in your business journey, and I wish you all the best.
Sincerely,
Mr. Nobody
The growth of oil is likely! Positive correlationDear analysts and traders,
I hope you are doing well and are motivated for the week ahead. I wish you all the success in your business endeavors. Remember that success in trading lies in consistently defining and sticking to your rules.
As someone interested in the Elliott Wave Principle, I find it to be an invaluable tool for market analysis. I have developed my approach by combining this principle with my personal experience and by considering different scenarios that are likely to occur in the market. It should be noted that I do not like to be surprised in the market, and that's why I have different market prospects. I follow them to be sure and recognize the structure that is forming so that I can 100% recognize it.
I will share my analysis with you, but please note that I am not providing any buy or sell signals. My perspective on idea analysis is completely unbiased, so if the idea analysis meets your standards, you can use it as a guide to make an informed decision.
I have attached my previous analysis of the same market so that you can compare and see the differences. All the details of my analysis are clearly labeled, making it easy for you to understand. However, having a basic familiarity with the Elliott Wave Principle theory will help you understand the analytical idea more easily.
I have been studying the Elliott Wave Principle for almost three years now, and over time, my understanding of this knowledge and experience has grown. What I have achieved so far is the legacy of a genius called Ralph Nelson Eliot, and I am really happy with my progress. May peace be upon him.
Thank you for your support so far. I will always remember your kindness. Please share your comments and criticisms with me.
I hope my analysis will be useful to you in your business journey, and I wish you all the best.
Sincerely,
Mr. Nobody
Why we took brent at low risk and channels?In this live trading video,we look at why we took the Brent oil trade at low risk using price and volume on our 100k traders challenge account. We explore the use of channels with relation to the smart money framework. The concepts and ideas in this video can be cross transferred onto any strategy.
UK OIl Will Start upside movement UK OIl Will Start upside movement if sustain above 84 Stoploss below 74 upside target position 88-94-99+++
UKOIL daily XABCD bulls 20% upside BUY/HOLD🔸Hello traders, let's review the daily price chart for UKOIL.
Speculative XABCD in progress, with 20% upside potential based on the
current price action / fundamentals.
🔸XABCD structure is defined by point X at 95.60, point A at 73.20, point B
at 92.50, point C at 77.00, point D/PRZ at 105.00, currently most points validated,
point D/PRZ pending in May/June 2024 (PRZ/D = 105.00)
🔸Recommended strategy for UKOIL traders: accumulate near market
price using low leverage. TP Bulls is 105.00 +20% gains. swing trade setup. good luck!
🎁Please hit the like button and
🎁Leave a comment to support our team!
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UKOIL APRIL 2024 WEEK 1 OUTLOOK - Daily - long is the way to go here on oil. there is a zone above that can provide some resistance **88.15 - 87.17**, once that gets cleared, I will look to get involved. till then, I will wait.
Origin - looks extended here. a pullback seems like the way to go here. I will look for a pull to the zone **86.54 - 85.77** . once price enters this zone, I will drop to my trigger timeframe and then look to enter long. no matter where I enter, as soon as price comes around the daily highlighted zone, I will book and bail out. COT data is long. Historically, in last 13 years oil has closed down most of the week 1 in april.
