Description
⋅ Oil has been in an up trend for many months now.
As of recent I have wanted to get back on this up trend and now finally we could have a potential setup. Please see idea rationale below:
1) Longer term up trend (4hr and above)
2) Short term up trend (Black line drawn)
3) 1hrly chart EMA has been respected in the recent past
What am I now waiting for? (Whichever scenario comes first)
1) Price to move above the 100 EMA on hourly chart then I will go long
or
2) I will use the trendline I have drawn to enter again on hourly chart
If none of the above scenario happens, then I will continue hunting!
Happy Trading Gang!