WTICOUSD trade ideas
Crude oil at Major supply range
Higher time frame view.
After testing the top of major Supply range, market gave a quick correction and started following the trend in daily Tf..
Market is still inside the supply range of Higher timeframes.
Follow the 4H/1H for further movement.
Key Supply & demand ranges marked.
Think and trade in probability.
Spotting a Macro Trend in Oil Industry.US Oil is facing resistance on a long Trend Line. Oil will reverse from this point which tells us a lot about the industry in general. How the world is shifting towards electrification and adapting to the new electric revolution in the auto sector which is the major consumer of oil. Dependence on Oil will decrease from here on. There are no new consumers rising for the oil but rather would be decreasing over a period of time. This is more like a slow death of oil. It won't disappear all of a sudden. This can take 5 to 10 years time keeping in mind how rapidly & exponentially the world is changing.
This is purely a short trade. An aggressive one from the current market level. For the target of $32-$34.
Trading Journal for Beginners.Trading Journal is the only key tool to develop your strategy by time, by reviewing & not repeating the same mistakes again.
Here i shared my Simple Trading Journal (Format & Example) for your reference.
Keep Journaling & Never Stop Learning.
Think & Trade in Probability.
Note: I Personally use Google Keep to JOURNAL & REVIEW my trades.
Crude oil Consolidation /Trend reversal ahead?? MTF view.Possibility of Consolidation / Trend reversal ahead.
4H / 1H
Giving mixed signals.. to Buy & Sell.
Higher time frames D/W/M are in Buy.
Levels to check.
Monthly Resistance @ 73.5 $
Weekly Resistance @ 74.24 $
Daily tested Fib., level 61.8% for previous swing.
Be cautious.
Think & Trade in Probability..
USDWTI - U. S. Dollar / WTI Crude Oil Let us have a look at USDWTI Crude Oil Chart Daily chart shows crude oil trading in the ascending triangle. WTI Crude Brake and sustain above 67 levels we can see the higher levels towards 74.25 levels which offers a very good risk reward as one can keep stop loss below 64 levels. From the weekly charts you can observe the WTI Crude Break Out already happened above 64.36 levels and on weekly charts flag and pole formation also seen so all in all WTI Crude is showing strength so one can think of buying crude oil.
Only for Educational Purpose