Back again for another crack here. Price rejected lows pretty emphatically overnight. Same bullish thesis for this one, I'm expecting oil to get smoked this week as the June contract expires, and perhaps we see the classic correlation with the CAD.
There are two scenarios I'm going to look for, they are drawn on the chart. I prefer to see the top option, waiting to see what unfolds. These trades assume we have failed to make a lower low on the daily chart.
DISCLAIMER
There is a very high degree of risk involved in trading. Past results are not indicative of future returns. I assume no responsibilities for your results, these are merely ideas. Stay safe out there!
There are two scenarios I'm going to look for, they are drawn on the chart. I prefer to see the top option, waiting to see what unfolds. These trades assume we have failed to make a lower low on the daily chart.
DISCLAIMER
There is a very high degree of risk involved in trading. Past results are not indicative of future returns. I assume no responsibilities for your results, these are merely ideas. Stay safe out there!
Trade active:
Limit entry just above most recent high on 15min chart @ .4015ish
Stop below that swing or .3960
a break and close below .4000 I will consider closing
Stop below that swing or .3960
a break and close below .4000 I will consider closing
Trade active:
In the trade now. A break and close below .4000 and i will be closing. So far in a good spot to get a rally into the NY close.
Trade closed manually:
Taking a bit of size off and letting the rest ride.
Trade closed: target reached:
Got the pop during the asian session start. Reducing to half of original position.
Comment:
Got an important close above daily resistance at .4000. I'm expecting this pair to make new highs pretty soon.
Trade closed: stop reached:
The rest hit my stop @ breakeven. Price also broke back below that daily resistance, waiting for next move.