TheSignalyst

BRENT OIL - Sell Setup Forming!

Short
CURRENCYCOM:OIL_BRENT   Brent Oil
Hello everyone, if you like the idea, do not forget to support with a like and follow.

BRENT OIL is approaching strong resistance and supply from Weekly (68-70) so we will be looking for sell setups on lower timeframes.

on H4: BRENT OIL is forming a channel in red, but the lower red trendline is not valid yet, so we will be waiting for a third swing low to form around it to consider it our trigger swing. (projection in purple)

We can't really know where that swing low will form around the trendline, but the closer BRENT OIL approaches the resistance, the better.

Trigger => Waiting for that swing to form and then sell after a momentum candle close below it (gray zone)

Until the sell is activated, BRENT OIL would be overall bullish and can still test the 70.0

And of course, as BRENT OIL approaches our lower blue support, we will be looking for buy setups.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL indicator
http://www.RichTL.com

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Comments

awesome one
+1 Reply
TheSignalyst JadFakhry
@JadFakhry, thanks brother jado! a lot!
Reply
It`s looking like it went down for moment.But it should be bear trap,right?
+1 Reply
@gtomi001, still waiting for the conditions to be met
Reply
thanks for the analysis
+1 Reply
TheSignalyst Stargazer_fx
@Stargazer_fx thanks mate star
Reply
Great one King
+1 Reply
TheSignalyst Rackelle_M1
@Rackelle_M1 queen👑
Reply
Cool!
+1 Reply
TheSignalyst Henry_Ross
@Henry_Ross henry brother
Reply
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