We have a potential low for OIL here, this could be the start of the reversal. Wait for at least some confirmation.
- Break of that wedge
- If price drops below wedge, wait for it to cross the green again.
When entering, i would use the low as a stop loss.
- Break of that wedge
- If price drops below wedge, wait for it to cross the green again.
When entering, i would use the low as a stop loss.
Note
Entry is for this trade:
Note
Seems like this might be it, but wait for a break of the green zone and start out small!Note
Move stop for the pos to the lowest point. If your not in already with a first portion, wait for a break of that red zoneNote
About the oil trade, to be clear, the real entry (complete position) is AFTER they daily candle confirmation. Until then, we only try to scale in part of the position at this potential lowNote
The reversal on oil is taking form now, looking good so far! 63.5/64 will be the the level to break. We are going to try to increase on the way up. If we get a close above that 64ish today, the reversal will be confirmedNote
That is a real shame, the reversal was almost a fact if the daily would close above the 63.5/64 but the price got dumped pretty hard right now, back towards the support zone. Price is around entry price now (or just below it for the ones who got in later). I would still use the 62.5ish as a stop level. Still a chance we will see another move up from these levels. When we look at the left chart, we can see a similar move.Note
Many have asked me if they should get in at this point, its not moving at the moment because it is between US and Asia trading now, but of course not looking great at the moment. The risky play is getting in here and the safer play is waiting for a break of 63ish (red zone). That zone looks like a turning pointNote
For the dare devils among us, you can increase the position if we break this red resistance zone. But when you do, move stops to just below the 63, so you stop is around entry or use 2 stops. Otherwise don't increase.Note
That resistance got sold pretty hard, seems like there are other plans for Oil. Not touching it for now, don't get attached or make it personal. I am seeing a potential wedge in the making now, going to wait and see for a few days if that works out. Then we can give it another go.
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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.