I don’t trade OIL, but noticed that it turned up on Friday and with NFP news, closing with a Hammer on the Daily chart. OIL and CAD traders can watch for possible bullish moves this coming week.

OIL-DAILY-HAMMER

3 thoughts on “OIL – ended last week with a Hammer on Daily”

  1. richard trusler says:

    hi maryna, first of all are you still in this trade ,
    sorry if this is a bit long winded
    a couple of months ago i commented on a trade plan by kate on GBP/AUD saying i expected the break to the upside , as there was another trend line above that would match the predicted move ,making the target 1.8000 it is now at 1.472
    i also noticed another triangle on EUR/USD a few weeks ago top of triangle to bottom was 500 pips , this broke to the upside at 1.0800 so target was 1.1300 it is currently 1.1204
    so now to the point , there is also a triangle on the daily oil chart that is showing a 1300 pip move and it looks like this move down to 42 could have been a false break to the downside of this triangle, it is now back inside the triangle , so looking for a break up at 54 or a break down at 50,
    with the opec meeting at the end of this month could cause this move .my thinking is if they scrap the cuts this could send it down , but if they extend the existing cuts , or maybe cut even more this could send it up, as opec need to get the price up i am looking for a break to the upside so my target will be 67
    i am still relatively new to trading so could be completely wrong , but it could be worth looking into , and if you still have this trade open its something to think about , thanks

    1. richard trusler says:

      GBP/AUD 1.8000 now at 1.7472

  2. Maryna says:

    Hey Richard and no reply is ever “long-winding” in Forex, so no worries!

    Now, back to your comments…… No, I did not take the OIL trade and mentioned in my post that I don’t trade OIL, but I sold EURCAD as CAD is correlated to OIL. I posted follow-ups on my EURCAD trade and took 3 sells. Also, I mentioned that I’m a bull on EUR (French election), so my EURCAD was risky, but short-term. I’m also an intraday trader, so it’s much easier to adapt to the market. I wanted to sell EURCAD to the back of Daily trendline it broke, but only sold to the back of the H4 trendline as it became very clear that the bulls were entering the market again (no surprise though,as the pair is bullish).

    GBPAUD – I’m bullish on GBP since Theresa May announced the election and will remain a bull into the election or until I see bears taking control. I’m an intraday trader and therefore I take trades on a ‘session”/Daily basis, based on strong/weak currency analysis for a day/session and why I will also take counter-trend/bias trades at times. GBP is “overbought”, but in a strong uptrend this is normal. Not sure which post of Kate Curtis you are referring to, so I can’t comment on her post and I’ve never seen her responding to any comments made on her posts on Forex.Today.

    I appreciate your feedback and hope I answered your questions.

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