WTI – Defensive Trading Strategy
WTI / Crude Oil / US Oil Trading as at 12th July 2018
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.