Short scenario
General
Currently we are below the Weekly open which is in confluence with the HTF range 50% (untested though). The orange level is a weekly s/r level. If price manages to break under the green s/r level (level 1). I expect a move down to the 50% fib level of the recent range. Maybe lower. But given the current situation and that we are generally in an uptrend its better to be careful with shorts.
Fundamentals
-
Plan (Blue arrow)
Target
50% Fib level of the current range
Requirements
- Break under the green s/r level (level 1)
- No break followed by a retake of level 1
- Break of level 2 (blue line)
Invalidation / SL
- Price moves back above level 1 after breaking
- SL slightly above level 1
Time duration
Days, weeks, months, years... ;)
Long scenario
General
If prices should manage to get above the weekly open i am looking for longs.
Fundamentals
-
Plan (Orange arrow)
Target
HTF s/r level
Requirements
- Prices moves above weekly open
- Price move above recent deviation (green circle)
Invalidation / SL
- Weekly open fails to support price after a retake
- SL slightly under the orange s/r level
Time duration
Days, weeks, months, years... ;)
Additional
I linked to another USOil Idea with a different time frame. They dont exclude / invalidate each other. if they occur / develop.
Good luck
General
Currently we are below the Weekly open which is in confluence with the HTF range 50% (untested though). The orange level is a weekly s/r level. If price manages to break under the green s/r level (level 1). I expect a move down to the 50% fib level of the recent range. Maybe lower. But given the current situation and that we are generally in an uptrend its better to be careful with shorts.
Fundamentals
-
Plan (Blue arrow)
Target
50% Fib level of the current range
Requirements
- Break under the green s/r level (level 1)
- No break followed by a retake of level 1
- Break of level 2 (blue line)
Invalidation / SL
- Price moves back above level 1 after breaking
- SL slightly above level 1
Time duration
Days, weeks, months, years... ;)
Long scenario
General
If prices should manage to get above the weekly open i am looking for longs.
Fundamentals
-
Plan (Orange arrow)
Target
HTF s/r level
Requirements
- Prices moves above weekly open
- Price move above recent deviation (green circle)
Invalidation / SL
- Weekly open fails to support price after a retake
- SL slightly under the orange s/r level
Time duration
Days, weeks, months, years... ;)
Additional
I linked to another USOil Idea with a different time frame. They dont exclude / invalidate each other. if they occur / develop.
Good luck
Note
Price moved under level 2 - now waiting for the retest to enter the tradeNote
Blue arrow trade activeTrade active
Trade closed: target reached
Note
Short worked out nicely, lets see if long scenario will also develop
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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.
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.