US OIL : STAYING ON SIDELINES FOR NOW
As we have tried on two occasions to short this asset and this time we have had an absolute stop placement, which means once our stop is taken , the whole idea of Selling has been nullified, at least for now.
Our next course of action will now be to trade this asset in-line with the daily chart dominant trend which is to ask for Sell Setups from a confluent area in the market.
If you check out the chart attached, $57.50 seems to be the most confluent area to initiate Shorts on this Asset.
Factors for confluence aligning at or near the $57.50 static resistance level are :
1. 150 Daily exp right at the $57.50 level.
2. 50% retrace level of the recent swing lower.
3. Daily recent swing's 50% retrace level is aligning with the $57.50 static resistance level.
4. Asking for bearish price action Setup from this very level will go in-line with the long-term trend.
More factors will/can add up once we will have price testing the $57.50 region as then we will be on a look out for bearish price action setups & a good bearish Setup will also be one of the confluent factors itself.
For now , we are staying on sidelines and will wait for the right moment.
We are not focusing on any one trade and not concluding the overall results with any one or two trades instead our main focus is on the process , as even if the trade has been a loser , the process always needs to be a winner!!
As we have tried on two occasions to short this asset and this time we have had an absolute stop placement, which means once our stop is taken , the whole idea of Selling has been nullified, at least for now.
Our next course of action will now be to trade this asset in-line with the daily chart dominant trend which is to ask for Sell Setups from a confluent area in the market.
If you check out the chart attached, $57.50 seems to be the most confluent area to initiate Shorts on this Asset.
Factors for confluence aligning at or near the $57.50 static resistance level are :
1. 150 Daily exp right at the $57.50 level.
2. 50% retrace level of the recent swing lower.
3. Daily recent swing's 50% retrace level is aligning with the $57.50 static resistance level.
4. Asking for bearish price action Setup from this very level will go in-line with the long-term trend.
More factors will/can add up once we will have price testing the $57.50 region as then we will be on a look out for bearish price action setups & a good bearish Setup will also be one of the confluent factors itself.
For now , we are staying on sidelines and will wait for the right moment.
We are not focusing on any one trade and not concluding the overall results with any one or two trades instead our main focus is on the process , as even if the trade has been a loser , the process always needs to be a winner!!
