My Oil analysis and trade plan last February 14 has ended in a loss.

After holding the trade for 16 days and 1 hour, it eventually caught my stop loss order after failing to break down the 4H FVG that may lead towards the OB take profit target.

https://www.finlogix.com/analysis/20240214/oil-intraday-analysis-and-trading-plan-for-february-14-2024

These are the key US related high impact economic reports to watch out for:

Fed Chair Powell Testimony on Wednesday and Thursday

Re-assessing Oil’s high timeframe candles:

Yearly Candle: Still a Green Spinning Top since last check

Monthly Candle: Previous close is a Green Long Lower Shadow current is a Green Shooting Star

Weekly Candle: Previous close is a Green Body with Longer Head Wick current is a Red Body

Daily Candle: Previous close is Red Body with Longer Head Wick current is a Red Hammer

I think the yearly candle has already revealed its trading ranges. I don’t like the candle formation on the monthly, if more selling pressures occur, the pin bar will evolve to a more bearish pattern.

The 3-month resistance at $80 got re-tested but just mere buy side liquidations. There’s no real break-out, not just yet.

Even my previous call triggered the stop loss, I remain bearish. 

I am looking to sell a breakdown on the current supportive consolidation with the following orders:

This short position targets the complete retracement on February 8 4H bullish FVG.

I am seeing a down wave but in case it’s wrong, the stop loss is set on the buy side liquidity order block.

Oil Intraday Analysis and Trading Plan For March 5, 2024

Mar 05 2024

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