US Oil - March 1 2018 Daily Recap
March 1 2018 Daily Recap:
Hi traders, this is a brief recap describing how I saw the market traded today with occasional references to my analysis/projection as at the beginning of the trading session. The price and time references are based on the 3 minute chart.
THE BREAK LOWER: Prior to the 9:00AM trading session prices consolidated for about 4 hours (61.08 to 61.30). At 6:54AM and 7:57AM it formed lows in an attempt to break lower but failed. Between 9:24AM and 9:30AM price broke lower and retested the bottom of the consolidation. This was followed by a sharp move lower which terminated at the 60.2x zone which is also the 1.272 fib extension of a prior swing low.
THE BULIISH REVERSAL: There was price rejection at the 60.2x zone resulting in an impulsive move up (6 candles from 10:24AM) that tested the 60.8x zone which acted as resistance. This was followed by a corrective retracement (7 candles) and price rejection at the 60.3x zone which was recent horizontal support. From 11:00AM to 11:45AM there was an impulsive upward movement that terminated at the 61.3x zone. This is the top of the range that price broke down from. This price level is also between the 1.272 and 1.414 fib extensions of the prior swing high starting at 10:24AM. Essentially we were back to where we started the 9:00AM trading session.
THE MIDDAY CORRECTION: From 11:45AM to 2:03PM price correctively retraced to the 78.6 fib of the 11:00AM swing high. During this retracement price twice found support at the 60.8x zone. This zone has now acted as both resistance and support during the trading session.
THE LAST UPSWING: From the 2:03PM low price move but less impulsively when compared to the prior swings. This upswing terminated at (3:15PM) with a last impulsive candle that broke and close above the top of the pre-9:00AM trading range. It however fell slightly short of the 5:00PM daily open (61.53) as well as the 1.272 fib extension (61.61). From this high price receded correctively.
Hi traders, this is a brief recap describing how I saw the market traded today with occasional references to my analysis/projection as at the beginning of the trading session. The price and time references are based on the 3 minute chart.
THE BREAK LOWER: Prior to the 9:00AM trading session prices consolidated for about 4 hours (61.08 to 61.30). At 6:54AM and 7:57AM it formed lows in an attempt to break lower but failed. Between 9:24AM and 9:30AM price broke lower and retested the bottom of the consolidation. This was followed by a sharp move lower which terminated at the 60.2x zone which is also the 1.272 fib extension of a prior swing low.
THE BULIISH REVERSAL: There was price rejection at the 60.2x zone resulting in an impulsive move up (6 candles from 10:24AM) that tested the 60.8x zone which acted as resistance. This was followed by a corrective retracement (7 candles) and price rejection at the 60.3x zone which was recent horizontal support. From 11:00AM to 11:45AM there was an impulsive upward movement that terminated at the 61.3x zone. This is the top of the range that price broke down from. This price level is also between the 1.272 and 1.414 fib extensions of the prior swing high starting at 10:24AM. Essentially we were back to where we started the 9:00AM trading session.
THE MIDDAY CORRECTION: From 11:45AM to 2:03PM price correctively retraced to the 78.6 fib of the 11:00AM swing high. During this retracement price twice found support at the 60.8x zone. This zone has now acted as both resistance and support during the trading session.
THE LAST UPSWING: From the 2:03PM low price move but less impulsively when compared to the prior swings. This upswing terminated at (3:15PM) with a last impulsive candle that broke and close above the top of the pre-9:00AM trading range. It however fell slightly short of the 5:00PM daily open (61.53) as well as the 1.272 fib extension (61.61). From this high price receded correctively.
I may trade all, some or none of the ideas posted. All of my contributions are for educational purposes only. 'TRADE What You SEE'' and all the best!
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