Monthly Clear rejections off of $55 per barrel and since then, the last 3 months have been bearish. I believe we will continue to see some more downside momentum.
Weekly There are clear lower swing highs on the weekly chart after rejected the key $55 per barrel zone. Last week we broke and closed below $47.50 per barrel and rejected off the $45 mark. MAs are downward facing supporting our downward bias.
Daily On the daily time frame, we can see smooth lower highs and lows - The MAs are downward facing. Yesterday's daily candle closed as a doji representing some indecision and possibly a continuation to the downside. Today, if we can close at least 50% bearish of the previous candle we will have an evening star formation as well as a 3-pin formation.
H4 After a nice pullback from $45 per barrel, price has rejected the 50% fib level and completed a lower high - we have also broken our CTL and the last candle close was a bearish engulfing. I can see some more momentum to the downside. MAs also potentially about to crossover which will have all TFs in alignment.
Trade closed manually
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Closed early for 40 pips loss as a reversal was imminent.
Comments
UnknownUnicorn261897
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I like this idea because you are trading in the direction of the overall trend. Favorable outcome even if it results in a loss... good job.