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WTI breaks the previous wedge on 10/17 morning;
Daily the level, it is a pretty good chance to short when pullback a little near the lower bound of the wedge again (around 49.9). Two target, consider to play bear conservatively, have been set for this trade: 49.06 and 47.74. On the top of that, it is very likely to see the "retrace 0.618 point" later this week or earlier next week. Then it might a good chance to long from there. (I will update that part next week)
At the moment, SL could be safe to set at the higher bound of the wedge .
Best luck and enjoy the trading;
Daily the level, it is a pretty good chance to short when pullback a little near the lower bound of the wedge again (around 49.9). Two target, consider to play bear conservatively, have been set for this trade: 49.06 and 47.74. On the top of that, it is very likely to see the "retrace 0.618 point" later this week or earlier next week. Then it might a good chance to long from there. (I will update that part next week)
At the moment, SL could be safe to set at the higher bound of the wedge .
Best luck and enjoy the trading;
Comment:
break out at 50.7, SL triggered
Comments
that sounds reasonable my friend; however it could also explain as a libra pattern while 50.55 can be seen as a should in the pattern; as now I can see, it is not likely to go higher than that in the next couple days.
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