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.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.