USOIL Although yesterday's market rose to break Monday's high of $69.68, it did not break the high point, which is $72.90. The market rose from $64.85 to the current high of $69.68, an increase of $4.83, and a retracement of about 60%. It is very close to our previous starting point, which is $70.20. If today's market continues to rise and break $70.20 and then fall, then we have made a mistake before. If it does not rise and break $70.20 and continues to fall, then it is right. Although David's trading ideas today are still relatively risky and aggressive short selling, please adopt them with caution. If you don't know when to enter the market, you can follow me. I will release specific signals in real time in the trading center, so stay tuned
WTI Trading Tip: On the Hourly chart that is in Bearish Market Bias, the Bearish and Bullish Trendlines (in red and green dotted lines) formed a natural channel. I thought I'd add an equidistant 2nd one from the first channel trend line and labelled it a 200% channel (shown as a purple dotted line).
By doing this double channel that's ambitious, I am trying a take profit projection to the downside. It's really best to try this Channel Expansion technique with narrow and/or shallow channels for target objectives.
WTI As an end of the session move on the 4-Hour timeframe, you can see that price action has consolidated for the last 32 hours. Based on this and the Double Inside Day, a very BIG move is still coming.
The candles have been rotating tightly around a S&R Zone and within a tall Inside Day pattern for an eventual breakout from either the pattern's high (at 69.145) or low (at 68.1555).
The final bullish candle for today's session was a Gravestone Doji, which is a top reversal pattern for the bears to eventually drop down from the Zone.
USOIL Although yesterday's market rose to break Monday's high of $69.68, it did not break the high point, which is $72.90. The market rose from $64.85 to the current high of $69.68, an increase of $4.83, and a retracement of about 60%. It is very close to our previous starting point, which is $70.20. If today's market continues to rise and break $70.20 and then fall, then we have made a mistake before. If it does not rise and break $70.20 and continues to fall, then it is right. Although David's trading ideas today are still relatively risky and aggressive short selling, please adopt them with caution.
