WTI Crude Oil 4H Long – Targeting 0.5-0.7 Fibonacci Levels
Updated
Technical Analysis:
• Breakout Confirmation: The recent price action has broken through resistance, indicating a potential shift to bullish momentum.
• Fibonacci Levels: The 0.5 to 0.7 Fibonacci levels are key areas of interest, aligning with possible resistance where the price might stall or reverse.
• Retest Potential: There’s a possibility that the price could retest the breakout zone before resuming its upward movement, which is a common pattern following breakouts.
Trade Setup:
• Entry: Consider entering a long position either at the current level or on a potential retest of the breakout zone.
• Target: The primary targets are the 0.5 to 0.7 Fibonacci levels, which represent areas where we may see the price consolidate or reverse.
• Stop-Loss: Place the stop-loss below the recent low to protect against a false breakout. Since this is a swing trade on a 4-hour chart, be prepared for the trade to develop over a few days, potentially extending into weeks.
Risk Management:
• Position Sizing: Adjust your position size to account for the potential duration of this swing trade, ensuring that you’re comfortable with the longer timeframe and any market fluctuations that may occur.
• Trailing Stop: If the trade moves in your favor, consider using a trailing stop to lock in profits while allowing the trade to continue running towards the target levels.
Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
Trade active
We’re currently up 3.4% on the WTI oil trade, and the trade is paying out well. As we approach the end of the week, it looks like we’re heading for a bullish close across most commodities and indices. The key now is to see how we open on Sunday, which will give us further direction.
Remember to manage your risk properly and don’t forget to pay yourself as the trade progresses. Enjoy your trading, and take care!
Trade active
The trade has been running smoothly and is currently halfway to the target, with a profit of 5.55%. The bullish structure remains intact. I have actively managed the position by taking some profits and letting the rest run.
As we move forward, remember that the rest of the week is filled with high-impact news. Please act accordingly—consider taking partials or even closing the full position if you see fit. It’s essential to pay yourself as you navigate through this trade. Keep up the great work!
Trade active
The trade is currently up 6.1%, reaching my initial target where I’ve started taking profits. I’m closing half of the position here and will continue to manage it after tomorrow’s daily close. Congratulations to everyone who took the trade! Don’t forget to pay yourself and lock in those gains.Disclaimer
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