Hello everyone. i want share my idea about USOIL price long term analysis.
We all remember USOIL price were pretty bullish couple month ago but after it touch to weekly resistance we saw pretty trend which still not over.
Price came to strong weekly support where we see aggressive buyers which gave us some High Low, i see some trend change signals and make some scenes from that point what i need to be bullish. After strong downside price movement from 72.00 to 67.70 it touch to weekly support when buyers were aggressive and broke some 1 hour and 4 hour resistances until it were testing broke resistances it was taking liquidity, at the moment it testing 4 hour support where we see aggressive reaction but still not changing price movement and its coming down, if buyers are still stronger i think it need to brake 4 hour resistance and slowly come back for retest where i think we will get some reaction from buyers (Scene 1).
If that movement is only correction of trend i think we will get some fake brake out, where Sellers will active and it will continue price fall. in my opinion strong sellers zone is between 76-78 zone (Scene 2, Scene 3).
I am looking price action because we are at some good point where we can catch real good trade, i have 3 good scene if my scenes will be right i will open position and ill update this post.
We all remember USOIL price were pretty bullish couple month ago but after it touch to weekly resistance we saw pretty trend which still not over.
Price came to strong weekly support where we see aggressive buyers which gave us some High Low, i see some trend change signals and make some scenes from that point what i need to be bullish. After strong downside price movement from 72.00 to 67.70 it touch to weekly support when buyers were aggressive and broke some 1 hour and 4 hour resistances until it were testing broke resistances it was taking liquidity, at the moment it testing 4 hour support where we see aggressive reaction but still not changing price movement and its coming down, if buyers are still stronger i think it need to brake 4 hour resistance and slowly come back for retest where i think we will get some reaction from buyers (Scene 1).
If that movement is only correction of trend i think we will get some fake brake out, where Sellers will active and it will continue price fall. in my opinion strong sellers zone is between 76-78 zone (Scene 2, Scene 3).
I am looking price action because we are at some good point where we can catch real good trade, i have 3 good scene if my scenes will be right i will open position and ill update this post.
Note
Scene 1 going well but i am still looking what price action we will get if it will brake 74.00 LVL, which i think we will see today.Trade active
For me that brake out was fake I am going to short USOIL my stop loss is at 75.5 and I will follow trend for take profitNote
It came to my entry point but i still think Scene 2 worked and waiting confirmation for add my position. if i will not get confirmation then i will be wrong and get stop lose.Note
Price action is good at the moment but not perfect, I was many time in profit but after profit price came twice to my entry point and from here I saw strong downside movement, after third downside movement I decide trail my at 75.00.Note
In profit but waiting for a bigger moves.Note
Price action stopped me but at my entry point. I lost nothing in this trade.
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.
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.