USOIL is going though a pullback phase, currently at 50% retracement and at 3.3 days' average price. Bears gapped down the grey shaded area around 6950, as long as the bullish gaps below are still open, bullish continuation has better odds. Upon closing higher than 6950 gap area, entering long with stops below 6920 seems reasonable, 2R-3R targets ahead.
Trade active:
Gap tested, the price is above but not closed this 30M candle yet. Stops below 6920 & 2R-3R targets ahead. $400 Risk here per 1000bbl.
Trade closed: stop reached:
Price dipped below 6920, but there’s no clear breakout either way. Upon confirmation, re-entering long.
Trade active:
Re-entering here, stops below 6915
Trade closed: stop reached:
Stop reached. 80 ticks loss on those two tries.
Trade active:
Another try .57 stop .41
Trade closed manually:
Closed +26 ticks
Comment:
Sellers were able to achieve a measured move on the bullish corrective leg. Onwards from US session opening, heavy supply pressed down the price, buyers got caught in a trap. At this point, the minor bullish gap was tested, priced reached the 61.8 retracement level and is seemingly getting picked up. This is a potential 2618 buy setup.
Trade active:
In .45 SL .23
Trade closed: target reached:
+27 ticks
Comment:
Most probably price will go higher after clearing out the buyers' stops and trapping some bears. It was one of those "tricky days" and to be coming out with 27 ticks loss all in all while being on the wrong side is not that bad. Being flexible with closing and re-entering is very important. Looking for a long entry here.
Comment:
5M can pullback to around 6885 where entering long is reasonable with stops beneath 6855.
Comment:
Bullish signs around here
Trade active:
In .70 SL .47
Trade closed: stop reached:
-25 ticks
Trade active:
In 6811 SL 6787
Trade closed manually:
+25 ticks
Trade active:
There is a breakout
Comment:
Price is above the entry level. Potentially even higher the upcoming days.