Seemingly oil has run into the supply area via profit booking. The traders are reducing short risk exposure and are likely to enter for continuation on a pullback. The fading short setup looks valid at this point. However, in the context of the recent price action, the probability of this trade is not the best that we could have.
Trade closed: target reached
Trade active:
CLX9 10H
This is the pullback continuation long setup that is currently valid. Wider stops increase the chances of landing a trade significantly.
Trade closed: target reached:
Booked @ 6148
Comment:
≈5R return on these two trades