OIL is ready to go up Sentiment and COT data is well positioned, fundamentals checked.
Technically it's in a good spot, with short term trendline broken
I'm considering that there will be extra volatiliy (undecisive price action) because US market is closed.
But as soon as you see a good low entry point or confirmation tomorrow at NY session, enter the trade.
After reaching profit, try to old part of the trade a couple of weeks until 4th of March if you can, it has a high winning rate looking at seasonality.
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To double clarify: I meant tomorrow 20th of Feb, 8:00 EST, not today 19th
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Went down to 77.65 now. Good entry point for a small Stop loss if you are not still in
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Got stopped out. I still belive in this trade, waiting 2 hours that NY opens and I start to see a reversal to enter again with a tight stop loss
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Re-entering here
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Google "triple tap" by paracurve. I think now is the good one, I added full position now. Looking for confirmation of high volume very soon when US market opens.
Sorry for the messy entry signals
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Ok, I like to see that green volume bar,
As I said at the beginning, this is a long term swing trade, so even if it was painful entry, don't take profits too early, let it run
Trade closed: stop reached
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This was a bad setup, too early, lost more than I planned.
Lessons learned: * If it doesn't work out smoothly, don't force it, let it go. Be patient. * Don't try to jump in before the confirmation happens. * Assume higher stop loss area, since the profit target also is in my opinion much higher.
That said, fundamentals and sentiment and seasonality support this trade, but wait for a confirmation.