we caught some pips ob a recent pullback from support and currently, I don't have any active position. The reason is simple: it looks very very vague.
Let me explain to you why!
First, look at the daily. Currently, the market is retesting the recent structure low and with the slow price action, I can not see it as a confirmed breakout of our major parallel channel .
Secondly, look at 4H. The market is clinging to 58 level on 4H and looks at these candles. how narrow is the range of almost every candle in comparison to the price action in the past.
lastly, 1H chart. Classic. indecision range is forming and still no indication of a further market direction.
My bias is bearish and from a current perspective, I will short the market in case of a bearish breakout of support. for now, learn to wait! you should not constantly trade the instrument, trade it only when you are confident. if you are confused, just drop it, return later when it is more certain.
@VasilyPonomarev, bearish leaning. I believe we are rolling into an intermediate cycle low. I thought that when oil dropped out of its channel and the timing. It may take several weeks to find a bottom if that’s the case. Where does it bottom? Weekly support looks to be between 48-52, but with oil who can say for certain. It’s also an election year in US and I’m sure current administration want to keep voters sweet with lower prices.