WTI printed two pin bars in last two days, which means the break attempt of the downtrend proved to be false. Daily Slow Stoch gives a sell signal. On 4 Hrs price crossed below Kijun Sen.
Price will likely correct down to 101. The long term direction is still unclear. Price is stuck in a triangle. Long term play it in the direction of the triangle break.
Trade idea: Go short 103,10 - 103,80 range. Stop at 104,20. First target 101.
Comments
dp
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Triangle broken to the up-side?
Last short hope -- AB = CD starting from 24.03.17 and accomplished at the resistance 105.19
Kumowizard
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Agree. But I would rather try short only if it turns down from there and gives some proper sell signals on multiple time frames. I always analyse my trades in all details, regardless if they were succesful or closed with a loss. Actually this one was still ok, did it only with 0,5 trade unit, mainly based on 1 Hr Ichimoku signals, with relatively tight stop. Did not cause a big pain, did not hit my net P/L too much. But as you see it was a swing trade idea (counter trade) only, and per that, I did not expect it to become the trade of the year. It did not work, but all in all at lest we could learn something from it.
Kumowizard
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Short position stopped out. Trade is not valid any more.
Last short hope -- AB = CD starting from 24.03.17 and accomplished at the resistance 105.19