Technician
Long

WTI Oil: Resuming Short-term Bullish Trend?

FX:USOIL   Crude Oil (WTI)
751 3 13
Starting again with a WTI Crude Oil             trade, it looks interesting for me, i am aiming for a long position as i see potential for resuming the bullish trend following this bearish correction.
The bearish correctional is probably taking the shape of the falling broadening wedge which usually unfolds in a bullish way, meantime, the price was rejected strongly of the 50-percent Fibonacci retracement level, and RSI momentum is signalling a clear bullish divergence.

I will long near 102.10-102.15, with initial target at the descending resistance of the wedge.

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game ;
My live trades here https://telegram.me/technician_forex_trades
timwest PRO
2 years ago
I was looking at Heating Oil today and thinking along the same lines. Nice chart and strategy.
Heating Oil Front Month - Lock in Low Prices for next winter
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Technician TOP timwest
2 years ago
Yep, I read your post, interesting Hope this one will workout.
Reply
Target hit, too bad missed entry by few pips
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