My view of USOIL. Potential long opportunity.
I am a bit late with this idea and it’s a bit minimalistic and quick but it will hopefully do. After a pullback down to our PBA 1 and respecting the consolidation area, I’m expecting the price to come back up to the top of the consolidation area. Double bottom on 4H is also confirming the long idea. After a clear break of the consolidation area we can expect another upside move. Entry is at 81.898. Stop Loss is below current low and below a possible pullback area. Stop Loss is at 80.547. TP is at 86.660. Overall we are in a uptrend and without breaking the uptrend structure, we will keep looking for buys at pullback areas. If we don’t come down to our entry, take a smaller position due to risk being higher.
Keep in mind prices may vary from broker to broker.
PARAMETERS
- Entry: 81.898
- SL: 80.547
- TP: 86.660
KEY NOTES
- Overall we are in a uptrend and without breaking the uptrend structure, we will keep looking for buys at pullback areas.
- Respecting the consolidation area
- 4H double bottom confirmation
Happy trading!
I am a bit late with this idea and it’s a bit minimalistic and quick but it will hopefully do. After a pullback down to our PBA 1 and respecting the consolidation area, I’m expecting the price to come back up to the top of the consolidation area. Double bottom on 4H is also confirming the long idea. After a clear break of the consolidation area we can expect another upside move. Entry is at 81.898. Stop Loss is below current low and below a possible pullback area. Stop Loss is at 80.547. TP is at 86.660. Overall we are in a uptrend and without breaking the uptrend structure, we will keep looking for buys at pullback areas. If we don’t come down to our entry, take a smaller position due to risk being higher.
Keep in mind prices may vary from broker to broker.
PARAMETERS
- Entry: 81.898
- SL: 80.547
- TP: 86.660
KEY NOTES
- Overall we are in a uptrend and without breaking the uptrend structure, we will keep looking for buys at pullback areas.
- Respecting the consolidation area
- 4H double bottom confirmation
Happy trading!