Oil Prices, Triangle Continuation or Break Below?
Oil prices has stalled temporarily as price has bumped into a powerful daily triangle formation. Due to the strength of this triangle in the past, I'm leaning to the short side here for a rebound after a strong bounce. We're currently watching a few levels here
As always, even though we may lean one side or another on a trade(Long/Short), its important to come to the charts with a zero bias mindset. This is why I love the concept of trading with market structure. If you're wrong, you can know you're wrong in a very short amount of time and close the trade for a small loss. The structure gives you a higher percentage of success by only taking entries using key turning points in the market from the past. For the time being, market structure is giving a signal that price wants to go down. However, if price were to come back above 60.19,
I'd change my bias and say Oil wants to continue moving up.
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Stronngggg breakage above 60.19. If we can get a close up here I'd like to see atleast the 60.90s-61.00s for US session
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