USOIL is showing us a really nice ending diagonal, consisting of 5 waves subdivided into 3-3-3-3-3. We can see that we are now in the 5th wave so we can look for a reversal trade.
The equation we are working with is the following:
USDCAD inversely correlated to USOIL.
Anticipating USD weakness during FED = USDCAD bearish = USOIL bullish
We are anticipating Dollar weakness during FED and therefore looking for USOIL strength around the time of FED.
Trade Idea:
- Watch for price to move towards the support of the diagonal
- wave 5 can often fall short or extend beyond its normal parameters which is why we have the red trendline to help us with entry
- Entry on break of trendline
- Stoploss below price after red trendline breaks
- Targets: 80, 90, actively manage the rest
Goodluck and as always, trade safe!
The equation we are working with is the following:
USDCAD inversely correlated to USOIL.
Anticipating USD weakness during FED = USDCAD bearish = USOIL bullish
We are anticipating Dollar weakness during FED and therefore looking for USOIL strength around the time of FED.
Trade Idea:
- Watch for price to move towards the support of the diagonal
- wave 5 can often fall short or extend beyond its normal parameters which is why we have the red trendline to help us with entry
- Entry on break of trendline
- Stoploss below price after red trendline breaks
- Targets: 80, 90, actively manage the rest
Goodluck and as always, trade safe!
Want more breakdowns like this? Links below:
📊 Free analysis (Telegram):
t.me/Wicktator
t.me/Crypto_Wick
⭐ VIP - Forex, Gold, Bitcoin:
t.me/WicktatorVIP_bot
📊 Free analysis (Telegram):
t.me/Wicktator
t.me/Crypto_Wick
⭐ VIP - Forex, Gold, Bitcoin:
t.me/WicktatorVIP_bot
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Want more breakdowns like this? Links below:
📊 Free analysis (Telegram):
t.me/Wicktator
t.me/Crypto_Wick
⭐ VIP - Forex, Gold, Bitcoin:
t.me/WicktatorVIP_bot
📊 Free analysis (Telegram):
t.me/Wicktator
t.me/Crypto_Wick
⭐ VIP - Forex, Gold, Bitcoin:
t.me/WicktatorVIP_bot
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.