USOIL COMMODITY 7/30/2024
USOIL Update:
Weekend Analysis Revision: The weekend template for USOIL did not perform as anticipated. It appears that we may have just completed the Spring phase of the market cycle. Despite this, our overall bias remains bullish for the time being.
Current Strategy:
Buy Stops: I have set buy stop orders with half of the usual risk exposure, as indicated in the attached image. This conservative approach accounts for current uncertainties and aims to manage risk effectively.
Setup Validation: Several key conditions need to be met to confirm this setup as a viable risk-off opportunity. It is essential to wait for these factors to develop fully before considering further action.
Execution Plan:
Intraday Monitoring: Focus on observing how price action unfolds from an intraday perspective. Pay close attention to key technical patterns and price levels to guide future decisions.
Risk Management: Continue to employ disciplined risk management practices, adjusting position sizes and stop-loss levels as needed based on market developments.
Next Steps: Monitor intraday price action closely. Assess how the setup evolves and make necessary adjustments based on the emerging market conditions. For now, we maintain a bullish outlook but will adapt our strategy as the situation develops.
Weekend Analysis Revision: The weekend template for USOIL did not perform as anticipated. It appears that we may have just completed the Spring phase of the market cycle. Despite this, our overall bias remains bullish for the time being.
Current Strategy:
Buy Stops: I have set buy stop orders with half of the usual risk exposure, as indicated in the attached image. This conservative approach accounts for current uncertainties and aims to manage risk effectively.
Setup Validation: Several key conditions need to be met to confirm this setup as a viable risk-off opportunity. It is essential to wait for these factors to develop fully before considering further action.
Execution Plan:
Intraday Monitoring: Focus on observing how price action unfolds from an intraday perspective. Pay close attention to key technical patterns and price levels to guide future decisions.
Risk Management: Continue to employ disciplined risk management practices, adjusting position sizes and stop-loss levels as needed based on market developments.
Next Steps: Monitor intraday price action closely. Assess how the setup evolves and make necessary adjustments based on the emerging market conditions. For now, we maintain a bullish outlook but will adapt our strategy as the situation develops.
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