Long

Soybean Oil still in Retracement Phase

Updated

Will look for bullish reversal candle at one of the green boxes or at 38.2% / 50% / 61.8% retracement level at Daily or 4H time frame.

Note

Price already at the 38.2% area. There are bullish slingshot (thick blue line) and bullish divergence (thick red line). You can see also at your Depth of Market in your ordering system, large numbers of buy limit order are at the 38.2% area. That should be interesting. I'm going to wait for the Reversal Candle at 4H or Daily tf to decide to go long or not.

Note

I am thinking of this probability:

Note

Already at the confluence area:
1. trendline
2. 50% retracement

Note

But no reversal candle yet, even at 1H

Note

Trade failed but I managed to breakeven. We'll see how it will be at the 61.8% retracement level:

TheDemonTrader

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