Oil Short 4HI’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!
