Oil on a similar setup to the USDCAD call from yesterday (which would be progressing to target had I not let myself be influenced by the decisions of others). The USDCAD setup was far stronger because I had a Daily bias and the liquidity pools were much more obvious.
Here we have an inverted H&S with the right shoulder having a Bullish Engulfing break and close above the neckline.
Targeting the double top where stops and buy orders are sure to accumulate.
Here we have an inverted H&S with the right shoulder having a Bullish Engulfing break and close above the neckline.
Targeting the double top where stops and buy orders are sure to accumulate.
Comment:
Quite a bit of chop and volatility after entry, but looks to me like we've flipped that neckline. I was considering cutting out of this trade, but USDCAD and USOIL are inversely correlated. USDCAD had a nice move to the downside at the end of yesterday's session.
Trade closed manually:
Closed at 58.53