Overbought NO where in Sight

kelmarin

I keep seeing people stating that Crude is overbought but on the 1day time frame it is just beginning.
If it were me I would be mindful of placing short orders for oil at this time and continue to look for long opportunities during the NY sessions.
Thats just me though 🤷🏽‍♀️

semalam

Dagangan aktif

I posted this trade idea yesterday and I am currently still active w. a clearance for partial SL.
Entry: 63.839
SL: 61.690
TP1: 71.390
TP2: 78.490
FinalTP: 84.789

My Support System
Fund the Mental
- Russian Ukraine War details of oil refineries being targeted as well as the recent sanction package that has been introduced to the EU government. The oil refinery strikes limit the amount of oil Russia can produce and the sanction package creates a financial strain for Russia to charge over $46 per barrel which will drastically cut into Russia’s breakeven and ability to operate refineries.
- Middle East tension. Sanctions that were suspended earlier this year on Iran may reappear this October if they continue to refuse nuclear weapons checks imposed on them. They also have outstanding debt with a potential refinery that is refusing to reinstate operations until it is cleared.
- US Activity may appear as weak but it is presenting as strong. The nation is responding to adversity carefully and taking calculated well thought out approaches to deal with them. The labor market has slowed as a response to uncertainty NOT inability which leads one to believe that it can and will shift once certainty is reintroduced. The US economy is still growing despite uncertainty and society is aligned with the monetary policies efforts to reduce the interest rates by not pouring heavily into the market. All good signs of a well balanced economy.
- Lastly The Economy has been trying to enter into this Greed market for quite sometime now but continues to meet unexpected challenges. Despite the unfortunate circumstances the Economy still wants to lift from the Fear market COVID caused and take risks again.

Technically Speaking
- RSI on the 1day is in favor of a long and it is just beginning
-Candles are above the EMA 1week
-Future Trend is Long and has cleared 2 ATRs in one day.

All Sentimental
The bottom line is trading is all about sentiment. How YOU feel will determine how YOU trade. No one person can convince you to trade any one way. That relies on you having a strong strategy and trusted approach. Use the information as guidelines to support your decision not as the answers. Rely on proven theories and not emotion and most of all Trade Responsibly don’t put all your eggs in one basket 😊

This is my personal opinion so do not take my position as a guarantee of results.
The market is volatile and can flip at the slightest chance so keep that in mine when you are making and modifying your trades.
Keep an eye out for my other trade orders and I wish all of you a prosperous journey. God Bless 🙏🏾