WTI Potentially Re-entering SZ
As prices respond to the current Supply Zone, the rejection appears less significant compared to previous instances, with smaller candles and no extended range candles (ERCs) forming. I anticipate that prices may retrace back into the Supply Zone and potentially even attempt a breakout towards the next zone, around the 74.500 level.
My strategy is to capture a quick upward move without waiting for a full breakout of the current zone. I'll place a Buy Stop order, aiming for a 50-pip gain. If prices break through the zone afterward, I’ll look for another entry opportunity.
If prices were to keep falling from this point on, then the trade will be invalidated and cancelled. If triggered and gone lower, SL at 40pips.
My strategy is to capture a quick upward move without waiting for a full breakout of the current zone. I'll place a Buy Stop order, aiming for a 50-pip gain. If prices break through the zone afterward, I’ll look for another entry opportunity.
If prices were to keep falling from this point on, then the trade will be invalidated and cancelled. If triggered and gone lower, SL at 40pips.
Trade closed: stop reached
You win some, you learn some. On the next one!
Stop order got triggered prematurely and prices went lower. Tough luck.
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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.