KaKeungChoi

OIL-Direction with S/R Zones

TVC:UKOIL   CFDs on Brent Crude Oil
Oil
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oil
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.

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