USOIL - Update outlook. Potential Head and Shoulders
I said multiple times in previous post, so far im not interesed in buying oil as long as we dont see consolidation.
I personally expect a bigger correction to the downside soon, if we can break the orange wedge to the downside. My point to look for buys will be the completion point of the right shoulders or any breakoutsells to the upside if we can find desired consolidation.
while the wedge may or may not break to the upside as well. it will probably be hard for me to get in if we do. maybe if i see a flag on the lower timeframe. but like i said. my desired play is the short here for now.
I personally expect a bigger correction to the downside soon, if we can break the orange wedge to the downside. My point to look for buys will be the completion point of the right shoulders or any breakoutsells to the upside if we can find desired consolidation.
while the wedge may or may not break to the upside as well. it will probably be hard for me to get in if we do. maybe if i see a flag on the lower timeframe. but like i said. my desired play is the short here for now.
Note
currently looking for an early short sell with a small position to maybe catch the breakout earlyNote
the idea would look something like this. 2 reasonable targets at the retest of lower trendline and lower wedgeline and 1 extended target goin all the way for the head and shoulders completion. with somelike like a 20-30:1 depending on your spread.needless to say that u should only do this with a small position.
Note
Trade closed: target reached
TG1 Hit. stops breakeven. if we can indeed break the wedge i will be looking to add to the position, but for now i let the position be.Note
rest stopped out for breakeven. now im waiting what the market is doin with this wedge
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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.