I see some downside on USOIL/WTI - about time. Price has made it to a previous resistance area. It has started to roll over on lower time frames. We have an over bought RSI, MACD divergence on the daily and a very clean "Bearish Pennant" pattern developed on the weekly chart. I'm just looking for a 2:1 snag here, maybe let some run to the next support area at $42 ish, we will see. The area we are at is a previous resistance area, and has hit the 61.8% Fib level, very convincing. I see a shooting star on the daily with other reversal candles, this is in conjugation with a textbook shooting star on the weekly. Putting it all together I will be dropping time frames to find a nice clean entry into this short. 1% risk, 2:1RR - Happy Trading!
Trade closed manually
I've manually closed this trade, Trump went a tweeted upsetting the technical outlook, I'll look to enter this down the road, maybe
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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.