After having broken out of a bullish flag pattern earlier this week, oil has pulled back to the top area of that flag and formed a bullish double pin bar signal. This signifies a false break of the flag and price rejecting dropping any lower. My bias is bullish and lean toward price pushing to new highs off of these bullish pin bars. I will be aiming for 60-61 range for TP.
Trade closed: target reached
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50% of this trade has been closed as my first TP level was reached overnight. Profit is about 1.5x the original SL level.
SL is being moved to around 57.60 for a guaranteed profitable trade even if stopped out, with final TP level between 60 and 61.
Trade closed manually
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Closed the last 50% at $58.90 due to bearish price action that had formed intra day, in addition to bearish price action in SPY (which /CL has a decent correlation to right now). I will normally let a trade run and either hit TP levels or stop loss, but if I see convincing price action that is counter to my trade, I may close manually, as I did here.