Oil price action trading

9:34. Looks like a HL in the making. Or perhaps just chop.
9:48. It was chop as buyers could not break above the LSH... I am done for the week.

Take care.

 

Well well well, the channel actually held, support showed up at 30 and then some news (not sure what) did the trick. Now we broke the supply lines and are above the midpoint of the daily trading range. Looks like a higher low is in the making in the daily. Things might get better for the bulls, lets wait an see.

 

I'd like to get involved with this. I trade brent and use WTI as a leading indicator of moves (recently anyway) - will hopefully add to the convo next week. I trade entirely price action so should be interesting to get a new perspective

 

Sure, just post whatever you want and I will do my best to give you an smart opinion.

 

We just changed from,a possible downtrend scenario to pure chop we ended the week forming a hinge, let's see in which direction the breakout goes.

 

Hi Niko
Joining In..

Bigger picture shows a very wide TR, Price trends from Highs to lows (during august)

Latest picture shows price is back at the latest smaller TR ranges, for the meantime TR lows acts as the first area of interest

Latest trend is up, latest major LSL imply sellers didn't have enough determination to re-test the TR lows
Possible causes might be the lack of participation because of august

I'll be alert for further potential consolidation of price if it will not reach the smaller TR highs

Let’s see how this plays out

Tomer.

 

We are in a hinge at the daily:



Overbought in the hourly



Were a downtrend in the 5 min but at the open it turned into potential chop.



Lets see...

 

9:48 So far chop has the market possessed. Two fakeouts so far.

 

We are leaving the hinge in the daily, the break was to to upside.



Pretty steep uptrend in the 60 min, but who knows how long we can stay overbought, so until REV signals show up the bias is bullish.



As parabolic as they come in the 5 min, but there is an area of R around 50-60 so either sellers start pushing or lots of daily buyers will see this as a BO of the TR from July.



As for things to do in the morning, wait for a REV to try to take the short at the top of the TR (Below 60) or if buyers are committed take the RET after the BO.

 

early signs for rev
DL at the 5M break
lets see if buyers are regrouping or sellers are taking control.

Tomer.