This trade idea is based solely on Price Action. I observed that oil has broken the previous neckline, and I expect a pullback to the golden zone of the Fibonacci retracement for the previous leg. Before entering the trade, I'm looking for confirmation on a lower time frame, such as the 30-minute chart. An ideal confirmation would form a 'W' pattern, preferably with a higher low in the second leg.
69.20-69 is the entry zone with almost 50 pips SL
69.20-69 is the entry zone with almost 50 pips SL
Trade active
Oil reached the entry zone. I'm doing some scalping with a Buy bias here(20-30 pips) and waiting for confirmation on 30-15M. On these types of setups, we usually have the first leg as a V recovery, and on the second leg, we usually have a consolidation zone for entering the trade. I'm watching this and will update you.Note
Note
Oil ran for 160+ pips on the first leg, and this is the consolidation on the 2nd leg I mentioned before Trade closed: target reached
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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.