WTI in the 4H timeframe has formed a solid range for us that could lead to a strong trend after breaking out of it.
Setup and Entry: A: Our long trigger is breaking the ceiling, meaning 60.329, and B: Our short trigger is breaking the floor at 59.375.
Exit Plan: For scenario A, we can take profits at levels 61.203 and 61.891—also, if you spot any kind of reject candle or reversal pattern on these levels, you can close the position.
For scenario B, 57.360 could serve as a sort of final target; depending on the risk-to-reward you get, you can close or hold out for 56.321. Short targets are more extensive because HWC and MWC also carry bearish momentum, which aids further drops—so the bearish bias here is stronger.
Goal: For A, simply capturing the daily corrective wave; for B, continuing the MWC with partial profits to aim for higher R/R ratios.
Thanks for your attention.
Setup and Entry: A: Our long trigger is breaking the ceiling, meaning 60.329, and B: Our short trigger is breaking the floor at 59.375.
Exit Plan: For scenario A, we can take profits at levels 61.203 and 61.891—also, if you spot any kind of reject candle or reversal pattern on these levels, you can close the position.
For scenario B, 57.360 could serve as a sort of final target; depending on the risk-to-reward you get, you can close or hold out for 56.321. Short targets are more extensive because HWC and MWC also carry bearish momentum, which aids further drops—so the bearish bias here is stronger.
Goal: For A, simply capturing the daily corrective wave; for B, continuing the MWC with partial profits to aim for higher R/R ratios.
Thanks for your attention.
ملاحظة
In the 15-min timeframe, buyers have tried their absolute best to smash into the resistance with a massive candle (which means their fuel for continuing the path is way lower now). Personally, right now, even if I see a breakout candle, I'm not opening a long—because the fakeout probability is super high. If we just range here until tomorrow, then I'll reconsider my long scenario 
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إخلاء المسؤولية
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.