Oil saw a massive surge without any bigger corrections and is now facing a HUGE longterm resistance.
Will it break? I dont know.
But even if it is going to break, there will be a correction as lots of people will sell the Resistance.
Hard to say what my target is for this Short trade. Ill see later, but im definitely going to short this.
As long we have Lower Highs, Oil remains in a bear trend.
Its a Reasonable Risk/Reward setup with stop losses above the Resistance Line (the one from ATH).
DYOR.
Will it break? I dont know.
But even if it is going to break, there will be a correction as lots of people will sell the Resistance.
Hard to say what my target is for this Short trade. Ill see later, but im definitely going to short this.
As long we have Lower Highs, Oil remains in a bear trend.
Its a Reasonable Risk/Reward setup with stop losses above the Resistance Line (the one from ATH).
DYOR.
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possbile broadening wedge on low time frames
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tested, broadening wedge resistance, potentially being the top
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all in all the drop from some month ago, was a "spring" which often marks capitulation before an uptrend...so i think midterm this resistance will break and oil propably going to all time high again. So if my Short entry succeeds i would rather close it too early then too late.
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Maybe closing like 50% in a coming correction and holding 50% in case it doesnt break. If it doesnt break this is a godlike entry
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short entry zone completely reached, now it is time to put stoplosses, i would do it slightly above the short zone, as price al long its bearish shortterm shouldnt go up there again. but better pick your own.
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this worked out pretty well until now, i would put sl now in slight profit
this worked out pretty well until now, i would put sl now in slight profit
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well the stop loss hunt´s after my entry were really bad. but cheers to anyone who survived them and still holds a position :D