After almost 3 weeks playing games around the 50 area oil did a great down rally and now near a major support area. In that area we have also the daily 200 MA coming from below and a minor TL and it looks like prices already reacting on that.
So how to do this trade? well i will be looking for bullish evidence as divergence on RSI we have some already, Pinbar or engulfing candle. A double bottom and divergence would be wonderful! Then you can always do it more safe and enter long IF and when price close above the 20 MA on 4H and you enter next market candle.
Like if you agree, follow and support please!
So how to do this trade? well i will be looking for bullish evidence as divergence on RSI we have some already, Pinbar or engulfing candle. A double bottom and divergence would be wonderful! Then you can always do it more safe and enter long IF and when price close above the 20 MA on 4H and you enter next market candle.
Like if you agree, follow and support please!
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Now retesting, look for a double bottom and divergence on RSI for entry!
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This is looking good! Happy pips folks!
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Oil still doing well on 1H higher highs and higher lows!
