WTI - 4hr Timeframe - Update on coming Long Opportunity
Following our previous analyses on Oil, including our last daily timeframe overview (www.tradingview.com/...ng-the-uptrend-soon/), we are now expecting the commodity to resume it's uptrend on the daily and the weekly. The commodity's price has reached our buy zone completing a running flat type ABC pattern, and has bounced to the upside impulsively on the 4hr and 60min. Reason for which, from this moment on, we will be looking for buy setups on this financial instrument. Wait for a 60min flag type correction or other corrective structure before you enter the buy: then buy the break of said correction with a stop loss beneath it, in order to maximise your risk to reward ratio.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Comment:
Comment:
To all of those who have been following our analysis on WTI and are in the buy already, congratulations. It wasn't easy to spot the corrective structure, as it turned out to be an irregular (expanding) type flat correction, so one could have thought the commodity's price would have gone to re-test the low. The following buy point was at the break of the trend, and we hope everyone saw that and took the buy. We did not manage to give a live update as the end of last week was a little hectic, managing trades on the yen pairs and trading the correction with buys in the pound. If you are not in the trade as yet, now what you want to do before entering any buy is wait for a daily correction (flag), i.e. a bigger correction on the daily timeframe.
Trade closed: target reached:
We are closing our long positions on WTI as we believe that, having broken the daily tops, the upside is now limited. A great trade - congratulations to all traders who took it !