Watch USOIL as it will be the biggest deciding factor on the overall direction. (Long term we have a bullish bias on USOIL because of the extremely cheap prices and levels we're in).
Please risk accordingly, this is a SWING position. We are anticipating downside this week and will manage our positions accordingly. Please risk 1 - 3 % maximum on this trade.
Hit a key monthly 61.8% retracement level.
With last weeks candle closure and h4 forming a potential double bottom, and h4 divergence signifying a potential reversal, this is a counter trend trade looking to take into the next significant daily/monthly pivotal level and next significant structure.