OIL-Direction with S/R Zones
OIL-Direction with S/R Zones
Oil price has retreated since mid Aug. it has try to rebound back but close below the previous high, that is Low High but not yet a lower low. so let see how this 4 hour Triangle breakout structure develops. trade according to break out with a clear action candle above or below the shape.
Trading the S/R Zones for 4 Hour Chart
(4 hour chart for weekly entries of buy and sell.)
Trading Rules:
All S/R Zones has power to reverse the trade, but once broken with a closing candle Support zone will become Resist zone, and Resist zone will become Support zone.
Only trade when levels in zones are touch for the first time with a 1 hour engulfing candle to confirm the reverse.
Do Not chase price, let the price come to the S/R zones before entries.
S/R levels between zones can be use as Take Profit or stop lost location.
Oil price has retreated since mid Aug. it has try to rebound back but close below the previous high, that is Low High but not yet a lower low. so let see how this 4 hour Triangle breakout structure develops. trade according to break out with a clear action candle above or below the shape.
Trading the S/R Zones for 4 Hour Chart
(4 hour chart for weekly entries of buy and sell.)
Trading Rules:
All S/R Zones has power to reverse the trade, but once broken with a closing candle Support zone will become Resist zone, and Resist zone will become Support zone.
Only trade when levels in zones are touch for the first time with a 1 hour engulfing candle to confirm the reverse.
Do Not chase price, let the price come to the S/R zones before entries.
S/R levels between zones can be use as Take Profit or stop lost location.
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