Happy Moneyday to you all!
Today is is going to be a super good day (especially if this trade idea starts working out already from this Monday).
This post will be short and direct, I am buying Oil and Oil related currencies such as CAD, NOK, RUB and MXN.
So lets jump into this trade idea right away and waste no more time because this setup on WTI is probably going to be the best trade idea of quarter 2.
WTI / OIL Daily Chart
So, Oil has been on a strong bullish run for most of the year, if you take a look at the weekly or monthly Oil/wti chart you will find the almighty Head and Shoulders pattern, which I believe will continue to push Oil and Oil related currencies higher for the rest of the year.
Anyhow, looking at the daily chart I see 2 reasons to buy this trade idea, and they are very good reasons.
The first reason is the powerful support trendline which has held well, very well infact, for 3 times already.
The second reason this is an excellent trade setup is the 30% Reversal. You can learn more about this tool in a video I released last week, just click here to watch it.
No keep in mind, there is a lot of fuss going on (even from Twitter King Donald Trump) about the upcoming OPEC meeting, which will be held on the 22nd of June this month.
We need to be a little careful when trading Oil due to this, as by just googling OPEC meeting you will find a ton of negative headlines.
Anyway, this is all I have for now on this WTI/Oil trade idea, I will leave an update in the comments or release a trade recap video once I am done with this trade idea.
Enjoy the rest of the week ladies and gents, I know I WILL!