Note: This is not financial advice, just an idea.
We have clearly been in a downtrend for some time now and have been waiting for a breakout in either direction.
Price action, indicators, as well as the formation of a descending triangle all point to a downward breakout headed toward the bottom of the downward channel that has also been forming on the 4hr.
Price is below the 200 ema and each ema curve is now either flattened or downward sloping. On top of this we know a breakout is coming from the tight squeeze being formed by the bollinger bands plotted.
Furthermore, if the OPEC talks go well and oil continues to strengthen from its previous low, this move is a no brainer. Just be careful of the manipulation from institutional money that will be coming in very soon.
For a safe entry, wait for a break below 1.39250 to enter.
With this entry and ideal TP, as well as SL, this sets us up for a nice 3:1 RR which can be seen over the next week or two.
If you enjoyed this idea please give a thumbs up and follow me for more analysis in the future.
HAPPY EASTER!
We have clearly been in a downtrend for some time now and have been waiting for a breakout in either direction.
Price action, indicators, as well as the formation of a descending triangle all point to a downward breakout headed toward the bottom of the downward channel that has also been forming on the 4hr.
Price is below the 200 ema and each ema curve is now either flattened or downward sloping. On top of this we know a breakout is coming from the tight squeeze being formed by the bollinger bands plotted.
Furthermore, if the OPEC talks go well and oil continues to strengthen from its previous low, this move is a no brainer. Just be careful of the manipulation from institutional money that will be coming in very soon.
For a safe entry, wait for a break below 1.39250 to enter.
With this entry and ideal TP, as well as SL, this sets us up for a nice 3:1 RR which can be seen over the next week or two.
If you enjoyed this idea please give a thumbs up and follow me for more analysis in the future.
HAPPY EASTER!