USOIL Price Action is proving it’s time to go long
As you can see in the chart, price deeply retraced into the 1H Bullish Orderblock in the red box, specifically around 90.650, and respected it because it did not close below the low end of the orderblock.
We can see that there are sellers still short from 93.267 and we have Bullish Order-flow in the market, so we would seek to see the sell stops wiped out there as a suggested target for taking profits.
However, in the grand scheme of this move, there’s Sell-Side Liquidity also resting at 95.785, so you can expect a 10-20 pip sweep above that before retracing and going further long from there. Take partial profits along the way. There’s no need to collect the “lion’s portion” of the whole move.
Good luck trading.
We can see that there are sellers still short from 93.267 and we have Bullish Order-flow in the market, so we would seek to see the sell stops wiped out there as a suggested target for taking profits.
However, in the grand scheme of this move, there’s Sell-Side Liquidity also resting at 95.785, so you can expect a 10-20 pip sweep above that before retracing and going further long from there. Take partial profits along the way. There’s no need to collect the “lion’s portion” of the whole move.
Good luck trading.
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