Hi Traders! Oil Intraday buy setup update and follow up is here. On April 21st I shared this “Oil Intraday Buy Setup” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
Oil H4(4 Hour) Chart Current Scenario
Based on the above mentioned analysis my view was bullish here and I was expecting the price to move higher further until the uptrend line holds. The price action followed my analysis as I expected it to. The price which was moving lower created a false break of the uptrend line and then it moved higher further and provided an amazing move to the upside.
On the H1 chart, the market provided us with various facts supporting the bullish view. The H4 chart pullback happened in the form of an ABCD pattern on the H1 chart. We also had a bullish divergence between the first low that has formed on 22nd April 2021 and the second low that has formed on 26th April 2021 based on the MACD indicator. The price then moved higher and broke above the most recent downtrend line, we may consider these as facts provided by the market supporting the bullish view. Then as you can see in the image below how the price moved higher after that.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bullish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions.
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