I've done a full blown video on the analysis of this trade see my idea links below and the ideas behind the pin bar reversal price action training chart (how to enter the trade).
We're in a downtrend so this possible reversal so i recommend a smaller risk trade,
Beginners - Take profits on the way up after taking T1, move T1 and T2 your stops to zero (No risk)
Advanced - leave your stops alone, you know this thing could reverse back and bouce up, like it did Friday 25th Nov.
The buyers are in our favour on a move lower into the SPR and OPEC buying zone.
Take profits at T1 and let the rest of the trade run up to T2 and T3
We're in a downtrend so this possible reversal so i recommend a smaller risk trade,
Beginners - Take profits on the way up after taking T1, move T1 and T2 your stops to zero (No risk)
Advanced - leave your stops alone, you know this thing could reverse back and bouce up, like it did Friday 25th Nov.
The buyers are in our favour on a move lower into the SPR and OPEC buying zone.
Take profits at T1 and let the rest of the trade run up to T2 and T3
Comment:
We've now broken down below the pinbar invalidating that support level, we're waiting patiently for Oil to drop into the SPR Level now
Trade active:
We're progressing up the channel perfectly, but we're now at the point that the retail bears will want to sell this down, professional investors are waiting much higher.
Are you in yet?, Wait on a 50% pullback into 77.5
Are you in yet?, Wait on a 50% pullback into 77.5
Comment:
We're approach our T1 point at 82.33, Oil can easily smash through that towards 87.5 on the 62% fib retracement
Trade closed: target reached:
First T1 reached while I was asleep, love those overnight trades. Since we're still in a downtrend my T2 adn T3 trades are set to zero and no loss. So we just sit and hold them, if the market goes against us we lose nothing.
