My setup for crude. I will wait for price action to guide me on which direction to follow. The overall bias however is bullish.
So this is my take on oil (WTI) Over the weekend the OPEC+ meeting was delayed until later this week. originally the meeting was supposed to go ahead on Monday (06/04) to discuss cuts in order to try stabilise the price. For this reason we saw a rally towards the end of the week. However because the meeting has been delayed, I believe we are going to see the...
Here is a view of the daily timeframe to support my opinion. We are in a downwards channel, very near to the upper trendline. I expect a touch of the trendline, maybe even a false breakout and then a big selloff.
Following EW theory, I believe gold will make a high at point 5 and then begin its correctional phase.
As you can see, price has broken the downwards channel. Price is currently heading back down to retest the channel. One of two possible scenario's will take place; 1 - Price will break through, back down into the channel and continue downwards 2 - Price will reject the channel, thus reversing the current downtrend and will begin to make moves to the upside In...
This is the 4hr chart, both the 4hr and daily are looking bullish af. I personally see it playing out how I have marked it on the chart although anything can happen. Ideal entry would be when price touches the trendline. Let me know what you think down below :)
AUDUSD LONG trade I am looking to enter. If you haven't already seen my previous post, go take a look.
RSI Divergence spotted on daily timeframe. I will wait for price to break out and close outside of the upper trendline before entering a long position.