spesfinancial
Long

OIL Look for long signal above day resistant level

FX:USOIL   Crude Oil (WTI)
146 2 2
OIL             price has broken out day resistant level. Today I will look for long signal. It would be better if the price tested the support level (previous resistance) first.
Comment: I may consider open long trade when price breaks today's high with a reasonable stop loss. Reward:risk must larger than 1:1.
whats your exact target and stop would be?
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Please be advised that this analysis is only valid on that trading day, following the candle on last Friday it may be not adequate to look for long today. As I'm a intraday trader, I only enter a trade with small stop loss, normally above/below previous high/low on M5 or M15 chart. My intraday target will be the ADR of this pair, but I will protect my position asap, and in most times I will close my position early before reaching the target with a reversal signal on lower time frame, and in some times I may hold this position for long-term with a good pattern on high time frame.
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