After a major 7%+ drop yesterday WTI is starting to show signs of a possible reversal.
To be a successful day trader, or any kind of trader/investor for that matter, you need to have an arsenal of patters which have worked for you in the past and have a high probability rate of success. To us this is one of those patterns, and below is the criteria:
- Price at strong lows
- Price action starts forming higher lows
- Straight line resistance
Thats all there is to it, this pattern is NOT completed yet, but it is starting to show signs of it hence why I added "high chances" in the subject of this post.
I am watching it like a hawk and will be ready to execute long positions if the pattern is completed.
This pattern has worked for me more times that it has not hence why I am super focused on taking advantage of it if it works up and start buying WTI, while if it fails I'll be ready to sell, but only if there is strong enough momentum.
What patterns work best for you?
*See the related post for higher time frame analysis
To be a successful day trader, or any kind of trader/investor for that matter, you need to have an arsenal of patters which have worked for you in the past and have a high probability rate of success. To us this is one of those patterns, and below is the criteria:
- Price at strong lows
- Price action starts forming higher lows
- Straight line resistance
Thats all there is to it, this pattern is NOT completed yet, but it is starting to show signs of it hence why I added "high chances" in the subject of this post.
I am watching it like a hawk and will be ready to execute long positions if the pattern is completed.
This pattern has worked for me more times that it has not hence why I am super focused on taking advantage of it if it works up and start buying WTI, while if it fails I'll be ready to sell, but only if there is strong enough momentum.
What patterns work best for you?
*See the related post for higher time frame analysis
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VWAP Support and a full breakout! Expecting more bulls here this week!
