USOIL: BUYING OPPORTUNITY WITH GOOD RISK TO REWARD ON 60 MIN !!!
Hello Traders,
Here we are looking at
USOIL
, which is presenting a buying opportunity in the form of a bullish bat pattern. The confluence between the 161.8% extension and 88.6% retracement levels is not that strong, but they are located close to one another. On the higher time frame, like the 4 hour or even Daily, we did get a break of the previous HL and placed in a new LL. This is just an early sign of potential break in the up-trend in
USOIL
BUT we will only get a change in the up-trend after we put in 2 new LL's and 1 LH.
Thus, after the new LL we are still just ranging between the recent HH and the new LL. So our bat pattern entry is located close to the new LL, giving us a good risk to reward on this trade setup. The stops and targets are labelled on the chart above.
Total Risk: -3.60%
Total Reward: +7.99%
That’s all I would like to cover for this trade setup. If you guys have any questions or comments about this trade, feel free to write in the comment section located under this description section. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. All The Best :)
Follow me on Twitter as well: moneymaking2016
Illustrates the break of up-trend on 4 hour chart:
Here we are looking at
USOIL
, which is presenting a buying opportunity in the form of a bullish bat pattern. The confluence between the 161.8% extension and 88.6% retracement levels is not that strong, but they are located close to one another. On the higher time frame, like the 4 hour or even Daily, we did get a break of the previous HL and placed in a new LL. This is just an early sign of potential break in the up-trend in
USOIL
BUT we will only get a change in the up-trend after we put in 2 new LL's and 1 LH. Thus, after the new LL we are still just ranging between the recent HH and the new LL. So our bat pattern entry is located close to the new LL, giving us a good risk to reward on this trade setup. The stops and targets are labelled on the chart above.
Total Risk: -3.60%
Total Reward: +7.99%
That’s all I would like to cover for this trade setup. If you guys have any questions or comments about this trade, feel free to write in the comment section located under this description section. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. All The Best :)
Follow me on Twitter as well: moneymaking2016
Illustrates the break of up-trend on 4 hour chart:
Kommentar:
UPDATE #1: 1st Target reached, stops move to break even, risk free trade.
Trade geschlossen: Ziel wurde erreicht:
FINAL UPDATE: Break even stop reached. All positions closed for this setup !!
