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Oilshort

Short then Long WTI Crude Oil Possible Trade IdeaSince November 20 and the Oil market has been in an uptrend entering consolidation phases then breaking above. The recent consolidation shows a bounce back from the maximum resistance of the consolidation. The daily candle hasn't closed yet. If it breaks above the consolidation I am longing oil in the long run till 68-70. As for now I will scalp and take advantage of the drop. Quick ins and outs on shorting, then long oil and hold if it breaks above consolidation. If the price breaks lower than the consolidation then I am possibly shorting oil till 55-57 and will disregard the bullish scenario. This is my personal trading strategy for the current WTI oil market. This is not a financial advice.
TVC:USOIL
by FXwabz
Oil Short SetupOil Short Setup 🔵 Entry: $58.73 🟢 TP & RR: $53.73 (2.91) ⛔ Stop Loss: $60.45 REASONS FOR THE TRADE ✔️ Reaching a strong resistance level ✔️ Market Flow Indicator seriously overbought ✔️ Ascending channel upper trendline resistance ✔️ 1.618 Fibonacci Level (although not plotted on the chart as it becomes a bit clustered) 📝 Stop Loss is above the $59-$60 resistance level, although if you want a more relaxed trade you may move the SL higher to about $61. The confluence of the three factors above makes me believe that the price is due for a pullback if not even trend reversion. I will be monitoring the entry level mentioned above and may open the position prematurely if I see that the price is getting ready to take a dive down.
TVC:USOILShort
by Quant_
2
Oil Lower High Formation - Short TradeOil Lower High - Short Order Entry: $53.55 TP & RR: $51.05 (2.38) Stop Loss: $54.60 REASONS FOR THE TRADE Oil has entered into a bit of a range recently, but the formation of the lower high on Friday makes me think that we are about to see another lower high, which should then form a lower low. This is where we will be looking to take profit. The Stop Loss is set well above the highest high, so if we are to break that level, then we have clear invalidation of the setup. So, pay attention to the price action around this area, and should it break it, feel free to close the trade prematurely. The wide SL is purely for decreasing the position size, as I don't want us to lose a full 1% on a trade without a clear signal from my indicators.
TVC:USOILShort
by Quant_
Oil Descending Channel - Short TradeOil Descending Channel - Short Position Entry: $53.16 TP & RR: $51.61 (2.77) Stop Loss: $53.72 REASONS FOR THE TRADE Similarly to my previous trade idea about SPX500 from today, I am placing an alert at $53 and I will be patiently waiting to see how price action develops. You never know what's been going on in the traders' and investors' heads over the weekend, so we want to see the volume and a 1h close around that level before opening a position. I believe we are now in a downtrend channel, which should bring more balance to that longer-than-expected move up. My entry is quite high and we very much may miss it, so I have highlighted the upper trendline as an entry-level suggestion. Any position around that level with a SL place reasonably high should provide a good trade setup. Ultimately, I am expecting that we reach the $49 level (bigger trendline) before we move up again. Let me know what you think in the comment section below.
TVC:USOILShort
by Quant_
Oil Time For Reversal - Short TradeOil Short Trade Entry: $53.76 TP & RR: $52.41 Stop Loss: $54.51 REASONS FOR THE TRADE So far Oil has respected the channel and I believe that it is now reaching a point of exhaustion. This upper trendline from the channel is also in confluence with a fairly strong resistance level, so I believe a small pullback is due. The Stop Loss is well above the channel and similarly to the trade from a few days ago, if the price starts pushing up we will close the position because a spike up should follow.
TVC:USOILShort
by Quant_
USOIL Ascending Triangle - Long PositionUSOIL Long Order Entry: $51.04 TP & RR: $52.49 (2.54) Stop Loss: $50.47 USOIL Short Order Entry: $51.50 TP & RR: $50.01 (4.14) Stop Loss: $51.86 REASONS FOR THE TRADE As you can see I have mapped two potential trades here, but since the first one is Long, that's the center of the analysis here. What we see is an ascending triangle in an uptrend, so I expect Oil to have an explosive move up (no pun intended). With that being said, I also think that this trend is starting to get a bit exhausted, so if the price breaks down from the lower trendline I will be looking to open a short position. Alternatively, if it reaches the upper trendline I will hedge my long with a short to protect my profits and look for a suitable place to close the losing trade.
TVC:USOILLong
by Quant_
Oil Reached Upper Channel - Time For a PullbackUSOIL (WTI Crude Oil) SHOST SETUP IDEA Entry: $50.94 Stop Loss: $51.82 TP & RR: $48.39 (2.9) REASONS FOR THE TRADE So far Oil has respected the channel fairly well and I am expecting at least some pullback (best case scenario reaching the lower trendline). The Stop Loss is set at a good distance, so generally speaking, a small fakeout shouldn't trigger it. Breaking above that channel, however, would invalidate the setup and I would look for a good place to open long. If you are a breakout trader then this would be your opportunity. My suspicion is further confirmed by the two indicators I am using below, printing a decline in volume and momentum. The effective volume bars give a clearer picture of what's going on in a smaller time frame.
TVC:USOILShort
by Quant_
9