Potential short set up on US Oil based off my simple 15minute day trading strategy.
- Price is rejecting daily pivot level for a 2nd time today.
- Price is rejecting the 200 EMA
- 50EMA is below the 200EMA.
- 15 minute lower high/double top at daily pivot level
- RSI showing overbought
Stop loss is placed above current highs.
Profit Target 1 is the daily S1 level
Profit Target 2 is the daily S2 level
- Price is rejecting daily pivot level for a 2nd time today.
- Price is rejecting the 200 EMA
- 50EMA is below the 200EMA.
- 15 minute lower high/double top at daily pivot level
- RSI showing overbought
Stop loss is placed above current highs.
Profit Target 1 is the daily S1 level
Profit Target 2 is the daily S2 level
Trade active
Comment:
I am no risk free on this trade as it has gone over 50% of the way to profit target 1
Comment:
3 rejections of the daily pivot level. This normally a good sign that it will hold as a resistance.
Price also made a lower low on the last down leg.
Price also made a lower low on the last down leg.
Trade closed: stop reached
