Back to Back Weekly Engulfing Candles

2023年2月6日

As We anticipated Sells Last week from 81.50 Critical Supply Zone, we profited. Price moved just as expected. We were correct. In the Market when you are correct, you want to earn multiples of what you lose when you are wrong.. So you want to maintain good Risk Rewards Ratios and only take trades that are in line with your Bias. Because there were countless opportunties to take sells last week if your Bias was Bearish. When your individual concept of Market action is playing out accordingly.. you need to exploit it as much as you can. Because how else will you survive? SO create a process of planning out good RR trades based off Technical and Fundamental Analysis.
1. Do Technical Analysis ( I trade Structure)
2. Look at upcoming news for week
2a. Tuesday Morning Speech by Fed @9am
2b. Wednesday morning speech by Fed 6:15am
2d. Friday Morning Consumer Sentiment @ 7am
3. Create Bias for Week (Repeat Thyself - I will be flexible based on Price Action)
4. Realize Nothing Matters without Proper Risk Management
5. Trade in Line with Bias with good RR Ideas.
6. If you Take 2 Losses back to back. Reconsider Analysis but don't jump to conclusions.

I would like to Oil continue Bearish this week as I have outlined more potential Bearish Scenarios that could play out.
We must consider that we are in a range on the Daily TF. However on Weekly TF we are still Descending and respecting Structure.
It is worth to note that we once again printed a bearish Engulfing weekly Candle, Larger than the previous week (that we called out).
Has interest Rates in U.S. helped propel USOIL away from our Supply Zone at 81.5$? Or is this just liquidity and profit taking for Bulls to Take over for the coming week. We will see
Safe trading.