The correction I want to see before trading on USOIL
This is an update on the post I made last week regarding the correction I want to see before trading (you can see the full post on the "link to related ideas")
The concept of the setup is pretty simple. The price has already behaved in similar ways in the current area in the past, and the last thing I need to observe to say "This is ready" is the correction I have defined on this chart. Of course, if this doesn't happen, then I will not be able to trade, and that's the end of the story. However, if the filter happens, I know ill be in front of a high-quality setup.
PAST SITUATIONS:
The setup is like this. If the expected correction happens, I will set pending orders on a new local high, stop loss below the correction and target on the next weekly resistance level. This setup can take around 150 to 200 days. The risk I will be taking in this situation is 3% of my trading capital.
Thanks for reading! Feel free to share your view and charts in the comments.
The concept of the setup is pretty simple. The price has already behaved in similar ways in the current area in the past, and the last thing I need to observe to say "This is ready" is the correction I have defined on this chart. Of course, if this doesn't happen, then I will not be able to trade, and that's the end of the story. However, if the filter happens, I know ill be in front of a high-quality setup.
PAST SITUATIONS:
The setup is like this. If the expected correction happens, I will set pending orders on a new local high, stop loss below the correction and target on the next weekly resistance level. This setup can take around 150 to 200 days. The risk I will be taking in this situation is 3% of my trading capital.
Thanks for reading! Feel free to share your view and charts in the comments.
