Hey Gang USOIL looking like a possible bearish playout, we can see from the ellipses the highest highs, and in contrast if you compare it to the boxes on the RSI, We can see Divergence between Price action and the RSI, I like to watch USOIL under the 15min since its a little more volatile of a pair. Right now were waiting for price to give a proper pullback from this newly formed Higher High.. I drew a trend line to project what the analysis as of now looks like although I will be updating the idea. We are waiting on a few things such as ;
1. To see if this newly formed Higher High's "Pull back" is the actual pullback or will it drop a little more, and then rise back up for a stronger pullback. Once this happens .
2. We will adjust the trend line touching key points on the newly formed pullback and wait for a break.
3. If price ends up making a higher high once more we must repeat Step 1-2.
4. once price shows us the proper pullback, and price doesn't make a higher high instead moves down and breaks our trend line then its all green lights.
5. 50 Pip SL no more than that.
This analysis will be watched and updated for more accuracy.
1. To see if this newly formed Higher High's "Pull back" is the actual pullback or will it drop a little more, and then rise back up for a stronger pullback. Once this happens .
2. We will adjust the trend line touching key points on the newly formed pullback and wait for a break.
3. If price ends up making a higher high once more we must repeat Step 1-2.
4. once price shows us the proper pullback, and price doesn't make a higher high instead moves down and breaks our trend line then its all green lights.
5. 50 Pip SL no more than that.
This analysis will be watched and updated for more accuracy.