A good opportunity to short Oil has come up.
There is a bear flag on the 4H timeframe…now potentially forming a retest wedge pattern into the point of interest I have marked out.
This is a 1:11.44 R trade and if held to $60.50 which is where I think Oil is heading to by May, then it is an 80R opportunity- though I do think it best to take most of the profits off at the conservative target market out as it could create continuing forming this bear flag higher up.
Risk to reward rating for target 1: 7/10
Chance of success if it follows path: 7/10
Overall rating 7/10
Risk to reward rating for target 2: 10/10
Chance of success: 3/10
Overall rating: 7/10
There is a bear flag on the 4H timeframe…now potentially forming a retest wedge pattern into the point of interest I have marked out.
This is a 1:11.44 R trade and if held to $60.50 which is where I think Oil is heading to by May, then it is an 80R opportunity- though I do think it best to take most of the profits off at the conservative target market out as it could create continuing forming this bear flag higher up.
Risk to reward rating for target 1: 7/10
Chance of success if it follows path: 7/10
Overall rating 7/10
Risk to reward rating for target 2: 10/10
Chance of success: 3/10
Overall rating: 7/10
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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.
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.