USOIL (WTI)
Updated
I believe we are in for a bit of a correction on the lower time frame. Price may fall to the 1.27 or even the 1.16 extension.
I will be looking for a break of the 1 hr trend line (purple) followed by a small correction (3-5 x 15 minute sideways).
See attached chart for my breakout procedure.
If price moves too far away from the 1 hour TL before correcting I would not take the trade due to my R/R ratio rules.
Look for a reversal around the 4 hr trend line (blue).
Educate yourself, create your own trade plan, Validate through other trader's ideas. Own your trade good or bad.
Good luck trading
I will be looking for a break of the 1 hr trend line (purple) followed by a small correction (3-5 x 15 minute sideways).
See attached chart for my breakout procedure.
If price moves too far away from the 1 hour TL before correcting I would not take the trade due to my R/R ratio rules.
Look for a reversal around the 4 hr trend line (blue).
Educate yourself, create your own trade plan, Validate through other trader's ideas. Own your trade good or bad.
Good luck trading
Note
Price hit the reversal area but I don't have an area of resistance so it may travel up to the 4 hr trend line. Watch for a bounce or break.Note
Price bounced as predicted and has re-entered a daily support area. I am expecting a bounce from this area before continuing lower to the $40. - $41 area. The bounce could be a small bear flag or a pullback the blue trend line Trade closed: target reached
This trade took a lot longer than anticipated. The ride down for oil may not be over for a while so I will post a new chart as this one is long in the tooth.
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