USOIL is currently make a pullback after a long downtrend. The pullback is making nice higher low and higher highs pattern on the short term as stated in the chart. It's very easy to learn to trade and to trade. The buyers have taken control and is clearly pushing the price up.
My reason for entry was that on 5 min timeframe it formed a cup pattern and the seller was not able to push the price further down. On 15 and 30 min timeframe it created a triangle with lower highs and somehow not lower lows. My entry was on the breakout of the triangle.
Entry: 44.83
My take profit was set duo to previous level and i put it underneath the level. When the price moves up and respects that level it just hits and goes down or continues up shooting through. When it comes to this trade it hit and got rejected at around 45.61
TP 45.60
My Stop loss was 53 pips. That gives it room to move around without this trade being wrong. It's also a good rule to keep your stop loss as closely as possible but far enough for it move around before going in the desired direction. I set my stop losses around 50 pips and previous S/R levels
SL 44.30
My reason for entry was that on 5 min timeframe it formed a cup pattern and the seller was not able to push the price further down. On 15 and 30 min timeframe it created a triangle with lower highs and somehow not lower lows. My entry was on the breakout of the triangle.
Entry: 44.83
My take profit was set duo to previous level and i put it underneath the level. When the price moves up and respects that level it just hits and goes down or continues up shooting through. When it comes to this trade it hit and got rejected at around 45.61
TP 45.60
My Stop loss was 53 pips. That gives it room to move around without this trade being wrong. It's also a good rule to keep your stop loss as closely as possible but far enough for it move around before going in the desired direction. I set my stop losses around 50 pips and previous S/R levels
SL 44.30
Trade closed: target reached:
Beautiful!