US OIL - As you can see on the chart, we have a clear inverse head and shoulders, we don't have a break yet which is definitely what is needed before considering a buy here.
We would want to see a daily close above the neckline and a pullback to test the neckline as support on the lower time frames such as the H4 / H1.
This looks bottomed out and OIL is presenting a high probable technical set up.
Always remember your risk management, the probability of a win here is large, yes the stop seems tight but a break back below the neckline would fail the set up and would see us cut losses a lot earlier.
Active trade management is super important.
We would want to see a daily close above the neckline and a pullback to test the neckline as support on the lower time frames such as the H4 / H1.
This looks bottomed out and OIL is presenting a high probable technical set up.
Always remember your risk management, the probability of a win here is large, yes the stop seems tight but a break back below the neckline would fail the set up and would see us cut losses a lot earlier.
Active trade management is super important.