TraderTroopa
Short

Short Oil after its upward retracement

FX:UKOIL   Crude Oil (Brent)
516 2 5
Short Oil             upon upward retracement
Comment: Downtrend trendline (dotted blue line) seems to hold. If it won't fully retrace up around 36.26, then THERE WILL BE NO TRADE. No need to force ourselves to participate in the Oil crash in the meantime.
Comment: Nearing our projected retracement levels, once it breaches above 35.00 level, watch for bearish candles and we will short.
Comment: Nearing our target to enter short
Comment: Prices have overshoot from our target entry. There has been no trade on this play and we create another strategy for this.
Honestly i would take short at your first dotted blue line which is the daily trend line support that it lost
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TraderTroopa NorellBrown
yeah I also thought of shorting at the trend line break (dotted blue line), however, I will not be comfortable with the risk reward ratio. I'll wait the pullback and see this retrace to the key level near the resistance (gold colored line), then I'll short.
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