Afternoon, afternoon!
It’s Saturday morning in Sydney so with markets closed, I’m just going to run another trade update similar to yesterday’s offering.
Yesterday’s cable short trade was an absolute ripper, but today’s Oil (missed) long, might just be best described as a heartbreaker.
Let’s go!
Market Overview
The biggest overnight talking point has been around Oil, putting the commodities market firmly in play. Just what we wanted to see after highlighting a possible oil long trade setup on the blog a couple of days ago.
I’m going to go into more detail about Oil below but we also have had our old friend Kim Jong Un talking about so called denuclearisation. But it now seems that this has in fact been misinterpreted and it’s in fact more brevado and even arrogance from the rogue state which can just as easily explode (pun intended) once more.
Now being on Steemit, we can’t ignore the fact that crypto markets are still on a tear. With markets across the board initially interpreting the North Korean headlines as risk on, crypto initially ripped, but has pulled back now that the interpretation consensus seems to have changed.
Another clear answer to the market correlation question that we’ve been pondering over lately.
Commodities Markets
As promised above, I’m all about oil today, with focus on an update of our potential oil long setup we spoke about the other day.
OPEC and the Saudi’s have been talking about driving prices up and Trump hasn’t missed the news:
But OPEC are a monopoly and monopolies get what monopolies want so it looks like there is further upside in the market.
As you can see on your charts, oil markets have risen pretty consistently in a nice trend, just tracking that bullish trend line and then forming a nice triangle at the top where we are now.
This is what we had spoken about, but we wanted price to pull back before hitting the buy button. Take a look at my thoughts from that blog:
OIL Daily
A nice ascending triangle breakout!
I’m waiting for a retest of the marked blue level and if the buyers show up, then it’ll be a nice long with a target of the weekly resistance zone.
Well it looks like I might be waiting for a while...
OIL Daily Updated
Missed by that much!
Gah, I’m sure some of you jagged another near drawdown free entry, but I unfortunately just missed out.
Gotta take the good with the bad and most importantly stay disciplined. That’s trading.
✌🏻.
| Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
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