Crude Oil setup for next week
On Day TF, market is creating HLs, while and no LLs or LHs (Descending triangle), last week market created H&S pattern on the supply zone and falls Support of 99$, we were looking for market to fill the inefficiency it has created with this impulsive bear run, when market fills the inefficiency and went up till 105.4$ it created falling wedge pattern on 1hr TF.
so for trade if market gives us a good bullish breakout of falling wedge pattern we can go long till 105$ to 107$, if this setup fails and market is still consolidating or bearish we will wait till market gives us a bearish breakout of recent demand zone of 100-99$ after that we will go short till 98$ (TP1), 94$ (TP2)
personally am a little biased for bearish because of clear bear market in day TF but will not miss the opportunity of long trade if we'll get the falling wedge pattern breakout
P.S. Don't place your SLs too tightly, let your trade breathe, it also helps with SMC
and wait for candles to close, see multiple time frames of retest.
All the best
so for trade if market gives us a good bullish breakout of falling wedge pattern we can go long till 105$ to 107$, if this setup fails and market is still consolidating or bearish we will wait till market gives us a bearish breakout of recent demand zone of 100-99$ after that we will go short till 98$ (TP1), 94$ (TP2)
personally am a little biased for bearish because of clear bear market in day TF but will not miss the opportunity of long trade if we'll get the falling wedge pattern breakout
P.S. Don't place your SLs too tightly, let your trade breathe, it also helps with SMC
and wait for candles to close, see multiple time frames of retest.
All the best
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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.