USOIL Long trade - 1H trendline broken
Updated
Short term USOIL long trade based on intraday chart development & daily conflunce.
Looking at daily chart we can see that price has decelerated around 47.50 which has acted as horizontal support & resistance level couple times in the past.
Zooming in to intraday chart (1H) we can clearly see that price fails to make lower lows making triple bottom pattern on 47.00 level. After that Oil has broke 1H bearish trendline as well as 1H50EMA which was holding price quite nicely and create a higher high on that timeframe.
My strategy is to wait for 1H50EMA retest which coincides with pivot point for the day.
Targeting 4H50EMA as it was well respected in the past. Also weekly chart looks still bearish for me, so I don't want to overextend my target and I'm happy with 1% profit.
Looking at daily chart we can see that price has decelerated around 47.50 which has acted as horizontal support & resistance level couple times in the past.
Zooming in to intraday chart (1H) we can clearly see that price fails to make lower lows making triple bottom pattern on 47.00 level. After that Oil has broke 1H bearish trendline as well as 1H50EMA which was holding price quite nicely and create a higher high on that timeframe.
My strategy is to wait for 1H50EMA retest which coincides with pivot point for the day.
Targeting 4H50EMA as it was well respected in the past. Also weekly chart looks still bearish for me, so I don't want to overextend my target and I'm happy with 1% profit.
Trade closed: stop reached
UPDATE: As the Crude Oil Invetories came out positive oil has dropped massively within couple minutes. So trade end up with -1% loss. On to the next one.
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