US Crude oil has seen a bit of a run up to the trendline and has now put in a strong divergence on the 30 min chart and is overbought on the hourly. We also now have a lower high on the hourly charts and moving averages are still sloping downwards. We could see a retracement back down to the low of the triangle and a fakeout breakout before a move higher.
These types of divergence plays are my A* trades with an 80-90%% success rate. I prefer them on the hourly chart as 30 min doesn't give much time movement potential however this one is worth a shot. There is some support though so if we take out the high or the MACDH turns positive bouncing of support I would expect a strong move higher. This nearly always happens when these divergence plays fail, so really its a win win situation. Either we get to short profits or we can reverse for a decent long.
These types of divergence plays are my A* trades with an 80-90%% success rate. I prefer them on the hourly chart as 30 min doesn't give much time movement potential however this one is worth a shot. There is some support though so if we take out the high or the MACDH turns positive bouncing of support I would expect a strong move higher. This nearly always happens when these divergence plays fail, so really its a win win situation. Either we get to short profits or we can reverse for a decent long.
Note
Register at breakoutfakeout.com for further training and 1 to 1 coaching sessionsTrade active
Closed 75% of profits at the first swing low (underneath 5 min 200ema), trading each swing now of the 5 min chartsTrade closed: target reached
Closed all shorts, profit target reached. I don't really trade breakouts, looking to reverse and go long around here
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.