After an extraordinary rally for USOIL today the pair is approaching the top of an ascending wedge within which it has been trading for several weeks.
I'm planning on entering short at the top of this wedge and taking profit at the monthly pivot with a tight stop just above the monthly R1.
I feel this offers a great risk/reward but I would to hear anyone else's opinions this USOIL trade.
Comments
ElPatron.Y
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OMG I hope you kept it to 38!!!
mattlowden
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I had a few more shorts along the way, missed the top by a couple of dollars :)
PapaAboo
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Thats what i call having balls of steel. shorting such a rally?.. I honestly wish you good luck though
mattlowden
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I still think that USOIL is going higher but in the meantime I'm quite happy to short, lock in some profit and monitor the trade adjusting as necessary :) I will set SL to break-even if & when we close below 104.00.