hi all
Based on the current situation for WTI, with the stop loss hit from the previous trade idea, Plan A now relies on a breakout of the trendline and the support turning into resistance as confirmation for taking a long position.
However, if rejection occurs at the trendline or at the support-turned-resistance level, there's a possibility that the price will decline again, given that a breakout has already happened on the daily timeframe. Therefore, closely monitoring price movements around these key levels is crucial before making any trading decisions.
Ensure strong confirmation before acting, and keep an eye on shifts in market structure. Feel free to share any new updates, and best of luck with your strategy!
good luck all
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading my skills also for my trade journal**
Thanks a lot for your support
Based on the current situation for WTI, with the stop loss hit from the previous trade idea, Plan A now relies on a breakout of the trendline and the support turning into resistance as confirmation for taking a long position.
However, if rejection occurs at the trendline or at the support-turned-resistance level, there's a possibility that the price will decline again, given that a breakout has already happened on the daily timeframe. Therefore, closely monitoring price movements around these key levels is crucial before making any trading decisions.
Ensure strong confirmation before acting, and keep an eye on shifts in market structure. Feel free to share any new updates, and best of luck with your strategy!
good luck all
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading my skills also for my trade journal**
Thanks a lot for your support
Trade active
From the bigger perspective of the h4 timeframe, the decline appears to be a retracement and has failed to form a new low. However, based on the previous forecast, the price has also not confirmed a new high, despite breaking the trendline.
A breakout at 57.73 or breakout at 60.12 will provide a clearer direction. For now, the market remains in a sideways movement.
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Related publications
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.