Hi Traders! Oil forecast follow up and update is here. On June 24th I shared this “Oil Short Term Forecast” in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
Missed this trade?
Never miss a trade opportunity again! Join the Traders Academy Club
Now let’s summarize the idea first:
D1 – Price is currently holding in the psychological level 40, potentialdivergence.
H4 – We have two false breaks withdivergence.
Expecting corrections in the short term.
Oil H1(1 Hour) Chart Current Scenario
Based on the above-mentioned analysis my view was bearish here and I was expecting further continuation lower. The price moved perfectly as per my plan on the H1 chart, the price moved lower further exactly as I expected delivering an excellent move to the downside.
On the H1 chart, based on the current scenario we could see that the price has created a bearish trend pattern which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect correction and then further continuation lower. Currently, it looks like a correction is happening, once this correction completes itself we may then expect further continuation lower. My view still remains bearish here.
So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bearish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions.
For similar trade ideas and much more join the Traders Academy Club and get access to our complete watch list and trade report.
This is how the report looks like. A table with the hottest market opportunities, screenshot behind every pair and time frame (anything that is in blue inside the table is clickable and leads to a screenshot) + a summary in text format, kind of highlights. And of course Live Market Analysis every single day.
If you have any further questions, don’t hesitate to drop a comment below!
To your success,
Certified Financial Technician