USOIl - 4h - Long or Short - Ready to engage

Short scenario

General
Currently we are below the Weekly open which is in confluence with the HTF range 50% (untested though). The orange level is a weekly s/r level. If price manages to break under the green s/r level (level 1). I expect a move down to the 50% fib level of the recent range. Maybe lower. But given the current situation and that we are generally in an uptrend its better to be careful with shorts.

Fundamentals
-

Plan (Blue arrow)

Target
50% Fib level of the current range

Requirements
- Break under the green s/r level (level 1)
- No break followed by a retake of level 1
- Break of level 2 (blue line)

Invalidation / SL
- Price moves back above level 1 after breaking
- SL slightly above level 1

Time duration
Days, weeks, months, years... ;)



Long scenario

General
If prices should manage to get above the weekly open i am looking for longs.

Fundamentals
-

Plan (Orange arrow)

Target
HTF s/r level

Requirements
- Prices moves above weekly open
- Price move above recent deviation (green circle)

Invalidation / SL
- Weekly open fails to support price after a retake
- SL slightly under the orange s/r level

Time duration
Days, weeks, months, years... ;)


Additional
I linked to another USOil Idea with a different time frame. They dont exclude / invalidate each other. if they occur / develop.

Good luck

Comment:

Price moved under level 2 - now waiting for the retest to enter the trade

Comment:

Blue arrow trade active

Trade active

Trade closed: target reached

Comment:

Short worked out nicely, lets see if long scenario will also develop