The chart is forming higher lows gradually on the 15 min chart.
Wait for bullish confirmation and make and entry around 6300.
The strategy will fail if the lower trendline is broken and keep the SL at 6100.
The target is 7150, presenting a 3:1 RR opportunity for this trade.
(FOR LEARNING PURPOSE ONLY)
Clearly we can see expanding volume whenever the price moves up & declining volume on down move
But in most recent up move (inside channel),price increasing on declining volume
Considering the volume pattern,the resistance zone becomes crucial .
If price holds on to the resistance and moves down,if volume...
On technical hand, Crude oil has formed a XABCD pattern, which gives strong trend reversal signal.
The target would be as follows (shown by green dotted lines):
Stop loss (shown by red dotted line): 56.67
On a daily time frame frame as well, crude oil has a pennant formation, which can break at a downside.
NSE:LT Long at 1335.70 with SL at 1329.10 and three potential targets
Please Consult Your Financial Advisor Before Taking Any Decision
Always risk 1% of account size per trade, adjust the position size accordingly
So where are we heading in the couple of hours, probably seeing more downside, since alot of early levels are already been tested.
Aiming for 3200 or lower, at the moment i opened an big short position in bfinex!
Short the ponzi :)