UKOIL headed down
Good day friends... spotting reluctance has really helped my understanding. From avoiding being caught in the wrong direction to forecasting, to setting targets....spotting reluctance just puts probability on our side... isn't that what we want as traders? to put probability on our side? So you may ask, how do we spot reluctance... going back to this UKOIL chart, I am not personally on this sell because it didn't meet my entry criteria, I was actually looking to go long but what did price do? It retraced into the demand zone , just wicked it slightly and proceeded very close to my target and then headed back to the demand zone.... what you just read is what I call reluctance …. its shows slowing of price and a possible reversal in place... once spotted my bias changed to bearish immediately... I was bearish on USOIL anyway (just didn't get an entry because it moved too impulsively)… with all these said.. we might just see UKOIL heading down as depicted on the chart.
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