In the USOIL Market, the ideal entry was to enter at 70.55 and 70.54 price area. This zone area is where horizontal resistance level overlaps with 50% Fibonacci Retracement Level. Also USOIL was in the downtrend. EMA 10 is below EMA 20 which indicates a downtrend.
Horizontal Resistance Level had a minimum of three touches.
After a break out, wait for the right moment to enter. Don't be in a rush to enter the market. Wait for confirmation of the trade set up. If trade signal does not occur, then do not enter the market.
For SUGARUSD, the confirmation signal occurred on February 4, 2021. See Pin Bar located at the EMA 10 EMA 20. After price breaks a horizontal key level, wait...
17.32788 Resistance Level Turned Support is the next level to watch for a price action signal in the form of a pin bar or engulfing candle.
The initial entry for this trade idea came on 26-Apr-2021. The entry was the pin bar at time 16:00.
Stop Loss 17.19988
R-Multiple = 3.15R
Note: Stop loss level was below the EMA 10, EMA 20, and...