BRENT CRUDE: UKOIL Trading Strategy Ahead of Opec Sweet Sweet Crude Have closed out the long position finally as Brent touched the upper parallel. It's the fourth strike and should come back from here. Closed at 64.33 for 1833 pips profit on a trade that carried 30 pips of risk from the outset, taking under 6 weeks to achieve. Best win of year (apart from Bitcoin, obviously) Wondering about shorting here, think it's the right thing to do with stop above 64.70 in case Opec deliver a surprise for once. It certainly was last time we tried it. If they do, Brent could rally just above the high today, take out stops nearby and then have a problem again...need to be careful, therefore. But usually it pays to sell before the news... . ..if stop gets struck it means a big surpise, and will look to get long once again on next pull-back, aiming for 67.20 minimum, it could potentially overshoot and spike to 69.73 at the max and then spill over - but that will have to be one hell of a surprise, and a hell of a shorting opportunity too, most likely, if we see it.
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Hva etaken a short position with tight stop at 64.72 but ready to reverse, as above. High so far 64.62 - close but not hit yet
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...and now have raised stop to 64.82 hoping to avoid a possible spike.