faris.makki
Short

Oil scalped successfully before weekend

FX:USOIL   Crude Oil (WTI)
196 11 10
Perfect scalp before the weekend. Sorry I didn't post this earlier
Do you feel it will go down next week when the market opens ?

I am short and don't know whether to close or hold.
Reply
faris.makki salarfeen
I think that it's risky holding oil shorts over the weekend because sometimes we see supply disruptions which causes the price to spike up. Personally I think holding either buys are shorts are too risky over the weekend especially with oil, and especially if you're using leverage. However, I also think that oil is headed anyways so you have a good chance. But perhaps you should close and simply continue the trade next week, especially if you're in profit atm.
Reply
salarfeen faris.makki
I'm running a heavy loss at the moment.

I can't close my short now until the market opens. Was hoping for a dive next week.

I feel this bull run is solely because of the announcement yesterday. Otherwise we would have been headed south for a correction.
Reply
faris.makki salarfeen
Hold on to it for now if that's the case, if breaks the double top exit immediately. Also before you enter a trade you must decide clearly where you want to exit, it must be logical, you have to know where you will take profits or loss. In the mean time check out this chart you might find it interesting:
USOIL easy an abc, 123

Reply
salarfeen faris.makki
I did put an SL however misplaced it mistakenly and when I went to check my trades, it was already serving a heavy loss.

So according to the author of the above graph, he expects a downward spiral effective immediately next week, Faris?
Reply
faris.makki salarfeen
Yeah we can possibly see a retracement or corrective structure, I believe it will go lower next week.
Reply
salarfeen faris.makki
I concur with your point. That is why I did not exit the trade before closing. I feel it will go lower next week.
A lot of people getting excited and loading up on bullish positions. RSI also showing overbought.
I am of the opinion we must go down to late 30's before we head back to 50.
+1 Reply
salarfeen faris.makki
Also, at what price point exactly do you suggest I exit the trade?
Reply
faris.makki salarfeen
Depends what's your entry point, how much leverage are you using?
Reply
Now your weekend will be much better!!!
+1 Reply
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