WTI / Crude Oil / US Oil Trading as at 12th July 2018
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Based on the Weekly chart, the market is forming Evening Star pattern.
Therefore, I am applying MTBA (Momentum Time-Based Analysis) application for Sell position in H4 time frame.
I can choose to put a Stop Loss (SL) level at at expected Last Swing High (LSH) bearish candle. However, the price can hike up to the EMA level which is confluence with SnR Zone.
Alternatively, I apply Defensive Trading Strategy (DTS) and putting Buy Stop with the sam lot size at the SL level.
The plan is, if the price hike up and hit the Buy Stop level, I will close it when it cannot break Sell Zone as highlighted in blue color. At the same time, I will put new Sell position.
Hope this will benefit something. Thanks.
Trade Defensively.
