I entered my 3rd trade on USOIL this morning, on a pullback in a possible overall downtrend
My reason for entry was a new "stair" in the uptrend and presented a beautiful entry.
Entry: 46.86
My take profit is set to high of the previous range and under 61.80% retracement
TP 48.00
My Stop loss was 50 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 46.36
Overall the price could be in a descending channel but there is nothing back it up on the lows. The buyers keep pushing the price up. The momentum is starting to slow down a bit, we are starting to see stronger holdups before pushing higher and even small pullbacks. The sellers are starting to show some presence.