Short Trade Crude Oil - 4hr Double Top and 61.8 Retracement.
Market Conditions:
Downtrending market. Long bearish move without any real pullbacks before now. Double top + daily spinning top at 61.8 retracement.
Stops and Targets
Stops at 44.99 above the 78.6 retracement.
Target at 37.45 - just shy of the 1.27 extension.
Let's see how this plays out - this is my first "public" idea here at Tradingview and yes, I know we have news this afternoon.
Remember it is just my personal view.
Downtrending market. Long bearish move without any real pullbacks before now. Double top + daily spinning top at 61.8 retracement.
Stops and Targets
Stops at 44.99 above the 78.6 retracement.
Target at 37.45 - just shy of the 1.27 extension.
Let's see how this plays out - this is my first "public" idea here at Tradingview and yes, I know we have news this afternoon.
Remember it is just my personal view.
Comment:
Stopped out. Technically it was a perfect trade, however, fundamental intervention distorted the picture. Perhaps we are seing a great short opportunity right at the stop level.