Great opportunity for longs on OIL, I expect the retracement to at least 0.5 of the correction we received on this asset, we have taken the liquidity below the previously formed equal lows which have appeared before the impulse movement as well as tested the daily imbalance formed prior to the run up higher, lots of liquidity on shorts resting higher which is likely to be taken, probably not this week but I anticipate the start of the next month which is February to be bullish for Oil at least in the context I have described
Trade active
Please, NOTE, this is not an actual trade that I took, I might take this swing trade from the current levels as we have hit the previously formed orderblock at 72.5, however, Oil is just another asset I look at and study, the general idea is that the current level is a good pivot point to run up higher along with the seasonality and other macroeconomic factors, looking at the bigger pictureTrade closed: stop reached
Lol, the wide fluctuations near be the imbalance level have eliminated the presented idea, I might open the trade later on the real account but I do not advise anybody to do the same. Still a good reversal point, if we break through the imbalance the scenario will change, I look for it to work out from the next weeks which is the beginning of February
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.