OIL SEEMS TO BE MOVING IN AN ASCENDING CHANNEL WITH THE OCCASIONAL BEARISH MOVES THAT SEEM TO BOUNCE OF THE 100 AND 200 EMA .
RIGHT NOW AFTER A CORRECTION TO 57.8-57.5 I BELIEVE IT WILL SHOOT TO 60-60.5 AFTER THAT I EXPECT A GOOD PULLBACK TO CHECK THE BOTTOM TREADLINE.
IF IT GOES MY WAY I WILL OPEN A SHORT AT THAT LEVEL WITH A TIGHT SL AND TP AT 58.2.
LETS SEE HOW THIS PLAYS OUT.
THIS IS A PURELY TECHNICAL APPROACH .
RIGHT NOW AFTER A CORRECTION TO 57.8-57.5 I BELIEVE IT WILL SHOOT TO 60-60.5 AFTER THAT I EXPECT A GOOD PULLBACK TO CHECK THE BOTTOM TREADLINE.
IF IT GOES MY WAY I WILL OPEN A SHORT AT THAT LEVEL WITH A TIGHT SL AND TP AT 58.2.
LETS SEE HOW THIS PLAYS OUT.
THIS IS A PURELY TECHNICAL APPROACH .
Trade active:
Opened the position SL 60.55 TP 59
Trade active:
Moved SL to entry level.It is almost at my TP.It is fine to wait for more profit but i dont like going against the long term trend.After it hits my TP i will wait and aim for a long at the bottom of the trendline
Trade closed: target reached:
OK lets see now where this reverses