USOIL | A world of chaos | 1 long scenario

27 oct. 2023

USOIL recently pushed above the S/R Zone | Buy zone 1 (green rectangle) (yellow circle) but hasnt managed to close above it, should this case occur i will take a long. The S/R Zone | Buy zone 1 is based on the confluence of the 50% Fib level and the last S/R level where price was stopped before forming the recent Swinghigh (red circle)

Scenario (Orange arrow)
Requirements: Price breaks above S/R Zone | Buy zone 1 and closes above it.
Entry: After the close above the zone a minor swing is formed. On break of the Swinghigh (Generated Swinghigh) the Position will be opened
Invalidation: No break above S/R Zone | Buy zone 1
S-L: Manual. If price should break below the zone again after the position was opened. I prefer not to see a 3 daily close/open below the zone.
Target: Slightly below the S/R Level 1 which stopped the last major uptrend


Good luck

Disclaimer:
- My posts are mostly for my own journaling
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
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