The trading setup from last time did perform as expected. The NZDUSD did go up to 0.6950 (100 pips below our target) and then started reversing slowly. I am looking at the daily chart and it does not really inspire me. I am actually seeing some bearish nuances- especially the inability to break through the 0.6950 resistance area. I have taken 75% of my position off the table for the time being. Definitely prefer to concentrate my attention elsewhere for the time being.
USOIL Trading Setup
Today’s trading idea is coming from the Crude Oil market. I am looking at a potential bullish setup. The daily candle is showing bearish rejection and is a pinbar. This pinbar did form after a bullish engulfing candle on the daily timeframe. Looks like that buyers are willing to continue the buying spree. I will be looking for a potential long entry at around 48.90. My stop would be placed just below 48.00. The first target would be the level of 51.00. Secondary target would be the level of 55.00.
This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.