Oil Short Setup
🔵 Entry: $58.73
🟢 TP & RR: $53.73 (2.91)
⛔ Stop Loss: $60.45
REASONS FOR THE TRADE
✔️ Reaching a strong resistance level
✔️ Market Flow Indicator seriously overbought
✔️ Ascending channel upper trendline resistance
✔️ 1.618 Fibonacci Level (although not plotted on the chart as it becomes a bit clustered)
📝 Stop Loss is above the $59-$60 resistance level, although if you want a more relaxed trade you may move the SL higher to about $61. The confluence of the three factors above makes me believe that the price is due for a pullback if not even trend reversion. I will be monitoring the entry level mentioned above and may open the position prematurely if I see that the price is getting ready to take a dive down.
🔵 Entry: $58.73
🟢 TP & RR: $53.73 (2.91)
⛔ Stop Loss: $60.45
REASONS FOR THE TRADE
✔️ Reaching a strong resistance level
✔️ Market Flow Indicator seriously overbought
✔️ Ascending channel upper trendline resistance
✔️ 1.618 Fibonacci Level (although not plotted on the chart as it becomes a bit clustered)
📝 Stop Loss is above the $59-$60 resistance level, although if you want a more relaxed trade you may move the SL higher to about $61. The confluence of the three factors above makes me believe that the price is due for a pullback if not even trend reversion. I will be monitoring the entry level mentioned above and may open the position prematurely if I see that the price is getting ready to take a dive down.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.