Since November 20 and the Oil market has been in an uptrend entering consolidation phases then breaking above. The recent consolidation shows a bounce back from the maximum resistance of the consolidation. The daily candle hasn't closed yet. If it breaks above the consolidation I am longing oil in the long run till 68-70. As for now I will scalp and take advantage of the drop. Quick ins and outs on shorting, then long oil and hold if it breaks above consolidation. If the price breaks lower than the consolidation then I am possibly shorting oil till 55-57 and will disregard the bullish scenario. This is my personal trading strategy for the current WTI oil market. This is not a financial advice.
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The price went above the contraction box and closed back under. This usually indicates a liquidation setup on a big institution's behalf. The center of he contraction, and the liquidity line can act as entry or exit triggers depending on the market direction.
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If you're longing oil. Set your stop loss at the liquidity line( the red line)
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Trade Running 400+ PIPs
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OIl reaches 68 and as predicted in the profit target zone. Possible retracement down to retest the liquidity line. Hope this analysis was helpful, and I hope you were able to use it to boost your own personal trading. 600 PIPs
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Needless to say: the liquidity line and consolidation line are great methods to use for entries and exits, and predicting the next price movement.
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Predictions fulfilled. Oil reached $68 a barrel.
Trade Successful
600 PIPs ✅
Trade Successful
600 PIPs ✅