USOIL is likely to pullback to the highlighted area around 5125. Looking for limit buy entries at that level for now. Reduced size to 1/2 and wider stop range is preferable option judging from the serious swings that oil has been going through.
Comment:
Limit buy @ 5125, a 70 tick stop @ 5055 and 1R-3R targets
Trade active:
Limit buy filled.
Comment:
Limit sell order 1/2 position @ 5195, a 1R target. Remaining 1/2 position working with the same stop.
Trade closed: stop reached:
1R loss. The market went up to 5185, 10 ticks lower than the 1R limit sell order @ 5195 and then collapsed to the 5055 area as the US session came in.
Comment:
Limit buy @ 5035, a 70 tick stop @ 4965
Trade active:
Limit order filled
Comment:
Limit sell order to close 1/2 position @ 5105, a 1R target, the remaining 1/2 working with the same stop.
Trade closed: stop reached