Oil Stocks Pattern
HAL 
PTEN 
VAL 
YPF I hope you can see the pattern. Some are overextended but others are still at good levels
WHD https://www.tradingview.com/x/JLIdQRWg/
PTEN https://www.tradingview.com/x/DXmKAbWn/
HAL https://www.tradingview.com/x/QtE8PVoM/
OII https://www.tradingview.com/x/u5GOlIOy/
TDW https://www.tradingview.com/x/sy9yeabs/
Reasoning
- Whole Industry is moving!
- Consolidation seems done
- Correction is not overextended
- Good Relative Strength
- Great earnings
- RSI tested bullish range multiple times
- Always try to use 2 timeframes
My Would Be Trade Plan
- - Risk about 1.5ATR and aim to ride up to 4.5ATR (1:3)
- - Raise stop once Trade moves 2ATR in your direction
- - Add on new highs after a pullback. (Then raise stop to keep original risk and also do not modify the target price)
Main Sources of My Knowledge
- Mark Minervini
- Constance Brown
- William O'neil
- Speakers on Trader Lion Youtube
- Adam Khoo
My Indicators
14 Period RSI.
- 9SMA and 45EMA Moving Averages added
Composite by Constance Brown
- This is for catching failures in the RSI.
- The RSI is a bounded indicator so sometimes fails to catch divergences. This indicator helps show that
- Composite Settings
- Author : Constance Brown (Connie Brown)
- RSI Length : 14
- RSI Momentum Length : 9
- SMA Length : 3
- Fast Simple Moving Average : 13
- Slow Exponential Moving Average : 33
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