Lotto

Thursday, May 28, 2015

Trading Oil 29/05/2015

Had a wide ride last night until this pattern formed on the 5min chart leading to a great breakout to the upside.

Looking at momentum gives clues as to what the underlining is doing. As you can see the WBS indicator is showing divergence as price falls. Following price action alone traders would be going short while accumulation is being carried out in the descent.

This was one of the only decent patterns that formed during the session, It pays big to be patience and wait for the market to come to you, and not chase it.