Oil Short 4H
Updated
I’m excited to share my next setup for Oil. This trading idea is based on correction levels.
The main idea area is between 80.35 and 80.25. However, since oil tends to react to the 50 levels, I prefer to focus on the 80.5 level for my entry.
For the 4-hour entry, I am waiting for the formation of an M pattern with a lower peak at the second base. I’ll be looking to take scalp sell at the levels of 80.25, 80.35, and 80.5 for the first touches. after that, I'm going to wait for the confirmation to take the main Sell.
Please note that, typically, upon the first collision, we could experience either an impulse or a rejection entry. At the second base, we should wait for a consolidation area to confirm our entry. For a better understanding of this setup, please refer to my previous oil chart.
TP1: 79.9
TP2: 79.2
TP3: 77.4
SL: 81.35
Please remember that trading carries risks, and it's crucial to do your own research. The ideas shared here reflect my personal analysis and may not guarantee success. Always trade responsibly and consider seeking professional advice if needed.
Happy trading!
The main idea area is between 80.35 and 80.25. However, since oil tends to react to the 50 levels, I prefer to focus on the 80.5 level for my entry.
For the 4-hour entry, I am waiting for the formation of an M pattern with a lower peak at the second base. I’ll be looking to take scalp sell at the levels of 80.25, 80.35, and 80.5 for the first touches. after that, I'm going to wait for the confirmation to take the main Sell.
Please note that, typically, upon the first collision, we could experience either an impulse or a rejection entry. At the second base, we should wait for a consolidation area to confirm our entry. For a better understanding of this setup, please refer to my previous oil chart.
TP1: 79.9
TP2: 79.2
TP3: 77.4
SL: 81.35
Please remember that trading carries risks, and it's crucial to do your own research. The ideas shared here reflect my personal analysis and may not guarantee success. Always trade responsibly and consider seeking professional advice if needed.
Happy trading!
Trade active
Oil reached the sell level and as I said I made some scalp sell trades, and I am waiting for confirmation on the 1-hour timeframe until the sell is confirmed on the 4-hour.
Currently the price is experiencing a pause at the entry level with a minor correction that may lead to the formation of a bullish flag.
We can keep a smaller lot size in this position or wait for confirmation, in which case it is better to wait for two scenarios for selling:
1- Wait for the price correction to around 79.2-79.3 and then wait for the sell at the entry point (yellow arrow).
2. Wait for another upward move to 80.9-81 and then find the consolidation area on the 1-hour timeframe and wait for the candle to close below the consolidation level and sell on the retest (blue arrow).
Note
Oil tapped TP1Note
I think the TVC chart is frozen, the trade hit TP2.Note
Oil is running for 97+% of the TP, you can close the trade here if you'd likeTrade closed: target reached
Congrats
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.