A potential fading short setup coming up it seems. There is a $850 risk per contract and a 3:1 reward for risk. The levels are given on the chart.
Comment:
Always close 1/2 of the position when there is an equal amount of reward to risk and let the other half run on cost. A guaranteed 0.5R trade.
Comment:
Remaining 1/2 closed at cost. 0.5R return on the full position.
Comment:
Next angle at 5280-5305 area, watch for signals around there for a potential short setup
Comment:
USOIL 5H
At the next angle here. Looking for limit sell entries with stops above 5375 look reasonable at this point.
Trade active:
Short @ 5305 with a 70 tick stop, 1R-3R targets
Comment:
Price action seems to be favouring long risk currently. The short entry is justified so far.
Comment:
Limit buy order @ 5235 to close 1/2 of the position
Trade closed: target reached:
Order filled. 1/2 of position closed @ 1R, modified stop to cost @ 5305 for the remaining 1/2, 0.5R return guaranteed.
Comment:
2R target for the remaining 1/2 @ 5165, 3R target @ 5095.
Comment:
USOIL 5H Follow Up
Nice rejection around the +25% of the 4234 low, the 7/8th of the current range and most importantly the next angle line
Comment:
At 2R target the remaining half but the price action is quite bearish, wanting for further downside after which the stop will be modified to 2R point @ 5165
Comment:
Stop modified to 5165, at 2R. Getting filled will result in 1.5R return trade.
Trade closed: target reached:
Trade closed with 1.5R return @ 5165
Comment:
2R return on the two fading short entries setup these last two days.