Oil Long Position
Entry: $53.07
TP & RR: $54.12 (2.49)
Stop Loss: $52.76
REASONS FOR THE TRADE
If you followed my trade idea from yesterday, then you should have an open short position at $53.55. I was expecting a lower high, but instead, the price formed a double top. Our SL wasn't hit.
Anyway, I believe a new uptrend channel has formed and in order to secure your profits from the short yesterday, I suggest moving your Stop Loss as well as considering a hedge long position. Should this trade idea prove valid, you will be piggybacking on the small uptrend until we reach the upper channel. If it turns out to be invalid, then part of your short order will cover the losses for this long. Stop Loss is under the lower trendline and the target is set at the upper one.
Entry: $53.07
TP & RR: $54.12 (2.49)
Stop Loss: $52.76
REASONS FOR THE TRADE
If you followed my trade idea from yesterday, then you should have an open short position at $53.55. I was expecting a lower high, but instead, the price formed a double top. Our SL wasn't hit.
Anyway, I believe a new uptrend channel has formed and in order to secure your profits from the short yesterday, I suggest moving your Stop Loss as well as considering a hedge long position. Should this trade idea prove valid, you will be piggybacking on the small uptrend until we reach the upper channel. If it turns out to be invalid, then part of your short order will cover the losses for this long. Stop Loss is under the lower trendline and the target is set at the upper one.