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Long-term buying opportunity for OIL/BRENT (XBR/USD) based on the Double Bottom pattern

Looking at the monthly (MN) timeframe chart, the probability of the OIL/BRENT or XBR/USD pair rising according to the Double Bottom pattern to an untested supply zone is very high around 107-117.

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The current position is the old peak zone, so the possibility of adjusting to the newly created demand zone around 77-83 in the near future is very high before continuing to rise.

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To find the exact buying point, let’s consider the weekly timeframe for a clearer picture.

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On the W1 timeframe, when encountering resistance, a bearish doji appears, the probability is that it will adjust to the demand zone around 82-84 that I have covered in blue first, but when verified with Fibonacci, the 61.8 position is a safer position around 75-79 because this position is the demand zone nested in the monthly timeframe that I have covered in blue second.

Let’s continue to consider the daily timeframe (D1) to find the exact buying point with the lowest stop loss position.

Looking at the D1 daily chart, there are two demand zone positions nested in the weekly and monthly timeframes around position 1 is 82-83 and position 2 is 77-79, where we will wait for the Price Action to show signs of a candlestick reversal before starting to buy up next with 2 profit-taking targets I have covered in red around 112-120 on the weekly timeframe chart.

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Disclaimer & Risk Warning

  • It cannot be guaranteed that the methods or technical indicators presented in this course will generate profits or that learners will not experience losses during trading.
  • There is no guarantee that this method will be suitable for everyone or help them become a successful trader.
  • The historical performance of any trading system or method is not a guarantee of its future results.
  • Do not trade if you cannot afford to lose financially. The examples mentioned in this material are for educational purposes only.
  • There is no solicitation to buy or sell here. The instructor is not responsible for your trading results.
  • Financial trading is a very risky activity, we recommend that you seek advice from a financial professional before making any investment decisions.

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