Brent Crude Oil UKOIL Update Had to update this position via original comment whilst embargo was still on, repeated here (sic): 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.
That has proved to be the high so far as the Opec meeting gathered. Still don't think it's too late here to short. It should come off all the way down to the lower parallel at around the 60 mark for 370 pips from here, but the first downside target is 61.67, still good for 200 pips here, give or take. Am lowering the stop now to 64.30 to get out with about 15 pips profit if it goes wrong from here. But sell just before the meeting worked very well last time, so hope we see the same kind of result this time too.
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Am lowering the stop on this short to 63.94 to get out with 32 pips profit if it turns back up again. Thoughtthe sell off would be stronger than we've seen.So far this is just continuation/consolidation before it surges again by look of last 24 hours price action...hope I'm wrong here with this lack of aggressive selling, but have lowered the stop just in case.
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amazing behaviour here, not feeling right on downside...so am reversing as per below . closed out at 63.67 for small 63 pip profit on short. Now long from 63.68 with stop just under 63.0 - so if it loses that's the short profit from yesterday wiped out. C'est las vie.
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Am raising stop here to 63.40 for 28 pip loss if wrong
Amazing behaviour here. enough to reconsider this short, so am closing at 63.65ish for 60 odd pips profit and reversing positions into longs again...with stop 70 pips lower ,just under 63.0
sumastardon
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Amazing behaviour here. am closing down short at 63.68 or as close to and reversing, using 60 pips profit as a stop
UnknownUnicorn163516
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I don't recommend to close Longs not to mention the fact that selling Oil now could be really danger.
sumastardon
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@FreshOilTrader, well it's a risk, as is every trade but it's managed so that even if it goes wrong it still makes a few pips profit, as above - you could be right - time will tell - and if you are I get forced to go long when the chart tells me to, as per pre-event strategy, on comment still