We finally have a bearish impulse on OIL! I am looking for an entry on at the bearish bat on the lower TF. Check it out: If this is the first impulse of the drop to the mid 40's, this has a long drop ahead and some missed pivot targets below. I want to short this at the bat completion level to test this bearish impulse. SL is placed above the root of the impulse, as any rallies above this level invalidates the trade. TP set at unhit monthly pivot for October. Happy trading
Trade active
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Hey traders! Strong resistance at entry, best possible scenario. Check out the triple top around bat completion:
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Nice drop! +1.51. SL moved to B/E
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Still going! Just a few more cents to target, looking at Monthly pivot to take-profit:
@piptamil, Thanks buddy - Glad you are enjoying the analysis!
vaccaroFx
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congratulations, I follow you but didn't enter the trade because I'm new and in that moment consider it a countertrend trade.
glennmercer
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Thanks Vaccaro, there will be plenty more down the road. Since this was taken on the 1H time frame, on which we were in a range with two lower lows, I considered this a trade in the direction of the newly forming bearish trend. Cheers