Oil Short Trade
Entry: $53.76
TP & RR: $52.41
Stop Loss: $54.51
REASONS FOR THE TRADE
So far Oil has respected the channel and I believe that it is now reaching a point of exhaustion. This upper trendline from the channel is also in confluence with a fairly strong resistance level, so I believe a small pullback is due.
The Stop Loss is well above the channel and similarly to the trade from a few days ago, if the price starts pushing up we will close the position because a spike up should follow.
Entry: $53.76
TP & RR: $52.41
Stop Loss: $54.51
REASONS FOR THE TRADE
So far Oil has respected the channel and I believe that it is now reaching a point of exhaustion. This upper trendline from the channel is also in confluence with a fairly strong resistance level, so I believe a small pullback is due.
The Stop Loss is well above the channel and similarly to the trade from a few days ago, if the price starts pushing up we will close the position because a spike up should follow.
Trade active:
Trade update: I temporarily closed the position as I am not liking how the Market Flow indicator started reverting. I think I can get a better entry if the price retraces close to the entry point. I am also paying attention to this new trendline.
This is not a recommendation for you to close the trade, it's just my trading style to lock in profits and look for better re-entry. The downside is that I can miss the move and the potential profits from hitting the target. So bear that in mind if you replicate my trade exactly.
I am leaving this trade as active since from TA it is still a valid setup.
This is not a recommendation for you to close the trade, it's just my trading style to lock in profits and look for better re-entry. The downside is that I can miss the move and the potential profits from hitting the target. So bear that in mind if you replicate my trade exactly.
I am leaving this trade as active since from TA it is still a valid setup.
Trade active:
Ah pity, I was looking to reopen the short close to the same level I opened it the first time, but the price reversed too quickly. Well, to those of you who were patient, well done!