USOil | New perspective for the week | Follow-up detail

It is fact that WTI crude oil gained about 10% in October following the OPEC+ decision to cut oil production but it doesn't appear that decision is making a significant impact as the price is unable to break out of the $93.50 area in the last couple of weeks. From a technical standpoint, price action is caught within a consolidation phase between the $93.50 and $86.00 zone to emphasize the indecision in the market as we head into the new week. So, a piece of caution is needed at this juncture in the market as anything could happen here.

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Past performance is not necessarily indicative of future results.

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The week has started on a bearish note as selling pressure continues below the $89 level. The structure at the $87.60 level that was broken to the downside during last week's trading session appears to be the neckline of the reversal pattern around this zone (double top).

Good morning

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UPDATE

Securing position

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UPDATE

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Over 500pips in profit (2 positions) as price test the $85 level one more time. Time to secure the sell position(s).

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It's over 600pips in our direction as buying pressure appears around the $84.50 level. So, it is important the current sell position is secured as there is the likelihood of a transition to a reversal pattern. However, if the price breakdown/retests the $84.50 level then we shall be looking at an additional sell position.

Good morning

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UPDATE

Secure the sell position as buying pressure continues around the $84.50 zone

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3rd position was triggered as the price broke down the $84.50 level; securing the positions as bullish momentum could still happen.

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This was explained in detail during the live session today (video uploaded on my youtub).
Buying pressure increases as the price takes out the 3rd position. Selling pressure on a lower timeframe might incite re-entry. NB: breakout/retest of the $85 level might be a bullish signal

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UPDATE

16hours on and the buy pressure continues; ensure the sell position secured

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Its time to secure the current buy position while we wait for the market to present another opportunity to add one more position to the existing trade... update coming soon.

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Over 220pips in profit as price test the neckline @ $87.60 level - an area that was broken to the downside at the beginning of the week. Let's remain patience to see how price relates to this structure

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Looking for buying pressure around the $86 area on the lower time frame to add a position to this trade.

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After been taking out of the buy position with about 100pips, price appears to be going through a retracement phase hence the need to remain patient is important here so that we can see how price relates to the buy zone identified around the $85.50 and $84.50 before making an informed decision. The appearance of a reversal pattern within this zone might incite a trend continuation.

Good morning

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This was explained during the live session this morning (video replay will be uploaded on my youtub shortly); Secure buy position as selling pressure continues.

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QUICK UPDATE

Selling pressure under the $86 level on the lower time frames confirms selling opportunity. Update coming up soon...

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Securing the sell position as price breaks down the $86 level again

Сделка закрыта: достигнута тейк-профит цена:

220pips profit; trade closed.

We continue to monitor price action.

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No decision yet as buy pressure continues... waiting for a signal

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buying pressure continues around $83.70, selling can only happen at the breakdown/retest of this level. We hold on to wait for signals.

Good morning

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Bought above the $83.70 level with the hopes that the demand zone will continue to hold buy pressure.

Сделка закрыта: достигнута стоп-лосс цена:

UPDATE

We discussed this in detail during the live session today (video on youtub)

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UPDATE

Securing sell position

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Over 220pips in our direction; secure the sell position

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We continue to look out for opportunities to either add to the existing position or get ready for a reversal structure. Ensuring that the current position is secured.

Good morning

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We discussed this in detail during live session today... Another position was triggered; securing the current positions as we look forward to another opportunity to add another position at the breakdown/retest of the $81.10 level

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Another position triggered; secure position

Сделка закрыта: достигнута тейк-профит цена:

TP target hit; Over 1,800pips on the USOil since the beginning of the week... It's a wrap for the week at this juncture. A beautiful weekend to you!