Think & Trade in Probability.
Trade Conservatively. Follow US Oil chart for full price data.
Trade conservatively in the direction of breakout.
Check the chart..
Giving mixed signal, wait for the market to move in any one direction.
Check the chart for information and major Time frame's Supply and demand ranges..
Currently in strong buy, close above 64.84 will make new high. close below 63.38 ~ 63.80 will be sign of trend reversal. trade with confirmation in lower time frames 15 and 5 mins.
Professional Price action trader's analysis will be from higher time frame to lower time frame. Higher time frames like Monthly, Weekly, daily, 4Hour are acts as Major Supply & Demand levels for any script. Lower time frames 1Hour, 15min, 5min are used to enter the market. In the chart of USOIL, I have mentioned the major Supply & Demand ranges in line and...
Daily time frame forms new low after yesterday close. If it closes below next demand zone in daily and weekly time frame, we can expect a good correction for the previous bull market. If new high forms in hourly (reversal in hourly = buy sign) trade accordingly..
Trade in the direction of higher time frame. All Higher Time frames giving Buy sign, except in 4Hour. While market at the bottom of the 4H channel, If Hourly makes new high then it is high probability to move higher.
Trade with reversal confirmation in (1Hour) both direction.
Buy after Trend reversal confirmation in Lower TF (5min).
Same view is for daily TF too.
Price action: New high formed Indication: 1.MACD Divergence. 2.In daily TF in 61.8% fib., level.
Check the chart for major supply & demand zones and resistance.
High volatility expected, as near monthly trendline acts as resistance.. refer the next published chart.
Enter after breakout, be conservative in both direction.
Retest of previous trendline. wait for reversal confirmation in hourly timeframe.