I have had this on my radar for 2 days now. I loved the low of 57.50 yeateday and I placed a 1/4 size postion
Now I am viewing this as a bullflag on the 4 hourly curently. This could potentially target us to the March 12th2022 high of 67$
That is the measured move of the flag pole. Curently we still have to break above 60$-61.70 as that was the last wick rejection we had previously before this most recent pullback and consonlidation that resulted in a W pattern with a higher low!
Curently and today I will be looking for a pop if 60$ and on smaller time frames I’ll be searching for candle bodie closes above that level and even Mabey a backtest and bounce off that level.
We can start off by entering there and looking to see if we test 61.67 area and if we can pop that we may be at a great time to take a trade.
Downside areas of support that I will be watching is 57,50 -58$.
This could be close to the bullflag channel breakout area but most importantly if you ignor the 4 hourly wicks of the last few candles, and go off the bodies only, the bodies have all contiued to close at 58$. This will be an important factor to watch to keep you in your trade. Good luck traders let’s see if we can get this trade setup to work for us!
Now I am viewing this as a bullflag on the 4 hourly curently. This could potentially target us to the March 12th2022 high of 67$
That is the measured move of the flag pole. Curently we still have to break above 60$-61.70 as that was the last wick rejection we had previously before this most recent pullback and consonlidation that resulted in a W pattern with a higher low!
Curently and today I will be looking for a pop if 60$ and on smaller time frames I’ll be searching for candle bodie closes above that level and even Mabey a backtest and bounce off that level.
We can start off by entering there and looking to see if we test 61.67 area and if we can pop that we may be at a great time to take a trade.
Downside areas of support that I will be watching is 57,50 -58$.
This could be close to the bullflag channel breakout area but most importantly if you ignor the 4 hourly wicks of the last few candles, and go off the bodies only, the bodies have all contiued to close at 58$. This will be an important factor to watch to keep you in your trade. Good luck traders let’s see if we can get this trade setup to work for us!