Market Update: CRUDE OIL & GOLD – Oct 25th, 2024
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
CRUDE OIL – WTI: Selling On Retracement Higher To Within The Range Of Bearish Fakeout + Long Tailed Pin Bar Setup
Comments: Price formed a Bearish Fakeout + Long Tailed Pin Bar Setup overnight.
Price moved briefly higher from the recent Inside Bar Pattern that had formed on Monday, Oct 21st (We did not consider trading this pattern, nor did we mention it at the time it formed).
Potential Trade Signal 1: We are looking to sell on a retracement higher to within the range of the current Bearish Fakeout + Long Tailed Pin Bar Setup that had formed overnight.
Sell Limit: $71.00
Stop Loss: $72.40
Take Profit: $68.20
Potential Trade Signal 2: We are looking to buy on a retracement lower and after a clear price action buy signal, at or within the $64.72 – $66.17 short-term support area, which coincides with the recent Bullish Fakeout + Giant Tailed Bar Setup that had triggered on Wednesday, Oct 2nd.
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GOLD – SPOT: Waiting To See If Current Inside Bar Pattern Turns Into Potential Bullish Fakeout Setup
Comments: Price formed an Inside Bar Pattern overnight (We are not considering trading this pattern).
The Small Bearish Pin Bar Signal that had formed on Monday, Oct 21st failed (We did not consider trading this signal, nor did we mention it).
Potential Trade Signal 1: We are waiting to see if the current Inside Bar Pattern turns into a Potential Bullish Fakeout Setup.
Potential Trade Signal 2: We are still looking to buy on a retracement lower and after a price action buy signal, at or just above the $2685 short-term support level.
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
