USOil Breaker Block Review - August 22, 2019
USOil Breaker Block - August 22, 2019
Order Block Analysis
This is still a learning concept but I think this is another order block that became a breaker block. We see price breaking previous lows with the bearish candlestick.
Retail traders are selling here as this is at resistance, but then market makers buy in at this low price breaking previous highs taking out Stop Losses on Shorts and soaking up that liquidity.
However, there is bearish power so price breaks that order block, becoming a breaker block. At this point we put in a sell limit at the 50 % fib level of the bullish engulfing of within the block. P.S. There's more to a sniper entry when trading blocks, but this is just a brief description.
SL placed above the block, I placed it above the bearish candlestick that broke previous resistance to create a perfect 1:3 Risk to Reward with TP at previous higher low at 54.85.
Order Block Analysis
This is still a learning concept but I think this is another order block that became a breaker block. We see price breaking previous lows with the bearish candlestick.
Retail traders are selling here as this is at resistance, but then market makers buy in at this low price breaking previous highs taking out Stop Losses on Shorts and soaking up that liquidity.
However, there is bearish power so price breaks that order block, becoming a breaker block. At this point we put in a sell limit at the 50 % fib level of the bullish engulfing of within the block. P.S. There's more to a sniper entry when trading blocks, but this is just a brief description.
SL placed above the block, I placed it above the bearish candlestick that broke previous resistance to create a perfect 1:3 Risk to Reward with TP at previous higher low at 54.85.
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