USOIL | A world of chaos | 1 long scenario
USOIL recently pushed above the S/R Zone | Buy zone 1 (green rectangle) (yellow circle) but hasnt managed to close above it, should this case occur i will take a long. The S/R Zone | Buy zone 1 is based on the confluence of the 50% Fib level and the last S/R level where price was stopped before forming the recent Swinghigh (red circle)
Scenario (Orange arrow)
Requirements: Price breaks above S/R Zone | Buy zone 1 and closes above it.
Entry: After the close above the zone a minor swing is formed. On break of the Swinghigh (Generated Swinghigh) the Position will be opened
Invalidation: No break above S/R Zone | Buy zone 1
S-L: Manual. If price should break below the zone again after the position was opened. I prefer not to see a 3 daily close/open below the zone.
Target: Slightly below the S/R Level 1 which stopped the last major uptrend
Good luck
Disclaimer:
- My posts are mostly for my own journaling
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
Scenario (Orange arrow)
Requirements: Price breaks above S/R Zone | Buy zone 1 and closes above it.
Entry: After the close above the zone a minor swing is formed. On break of the Swinghigh (Generated Swinghigh) the Position will be opened
Invalidation: No break above S/R Zone | Buy zone 1
S-L: Manual. If price should break below the zone again after the position was opened. I prefer not to see a 3 daily close/open below the zone.
Target: Slightly below the S/R Level 1 which stopped the last major uptrend
Good luck
Disclaimer:
- My posts are mostly for my own journaling
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
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.