Hello Traders,
The previous week offered a decent intra-week opportunity for me to short oil for a 2 day hold on the short (covered on Friday at daily 200 MA).
Now on to longer time-frame opportunities with oil and oil related assets. Overlaid on the chart is an area chart of WTI Crude Oil (ticker: /CL). With the potential for further weakness in the black gold we can see the Canadian Dollar trade lower thus pushing USD/CAD above 1.3600 opening the way for the currency pair to trade back up to 1.400 - 1.4500 continuing the trend higher.
Keep an eye on crude breaking/bouncing on the ascending trend-line and daily 200 MA.
The trade:
Moving Averages:
"A man does note have to marry one side of the market till death do them part." - Edwin Lefèvre
Monthly Bar Chart:
Daily Bar Chart:
The previous week offered a decent intra-week opportunity for me to short oil for a 2 day hold on the short (covered on Friday at daily 200 MA).
Now on to longer time-frame opportunities with oil and oil related assets. Overlaid on the chart is an area chart of WTI Crude Oil (ticker: /CL). With the potential for further weakness in the black gold we can see the Canadian Dollar trade lower thus pushing USD/CAD above 1.3600 opening the way for the currency pair to trade back up to 1.400 - 1.4500 continuing the trend higher.
Keep an eye on crude breaking/bouncing on the ascending trend-line and daily 200 MA.
The trade:
- No position until we get Daily close above 1.3600.
- Upon a break I'm committing 1% risk to the position.
- Stop placement will be determined upon a break above 1.3600.
Moving Averages:
- We remain bullish on the bullish 10EMA/50MA crossover.
- Trading well above Weekly 200 MA.
"A man does note have to marry one side of the market till death do them part." - Edwin Lefèvre
Monthly Bar Chart:
Daily Bar Chart:
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.