It seems like oil is about to reverse in the beginning of next week and this is how I would trade it. Sell the continuation lower. We saw a minor impulse lower (5 min) exactly form the determined high prob zone. IF we see a continuation in the beginning of next week I will sell Oil . Then we have 2 scenario's, we are either unfolding in the shape of an 1-2-3 reversal pattern on the 1 hour time frame for a buy trade as explained in my previous post. OR we continue lower towards the next high prob zone as explained in my previous post as well.
Focus on a few instruments is key in trading, this is what I did as an investment banker and that's for a reason. Don't try to trade all pairs, analyze high probability set-ups. Determine what pair/instrument is best for you (time zone, familiarity with the characteristics, how much time you spend trading) and select those and stick with them for the week. Opportunity costs should be ignored because they will impact your emotion which is a bad habit for a trader. A professional doesn't care about pips, it is all about Risk/Reward and probability. And all pairs provide many set-ups when looking at different time frames. Oil for example is fantastic whether you are a bull or bear.
Good trading week for you all and hope this explanation about how to look at structure, understanding scenario's and at all times keeping an open mind was informative because even if we move higher from here the principle of trading structure remains the same, impulse-correction-impulse...
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