OIL BUY ORDER
Entry: $52.71
TP & RR: $54.66 (4.88)
Stop Loss: $52.31
REASONS FOR THE TRADE
If you followed my trade idea from yesterday, then you know that I was expecting either for the price to bounce from the lower trendline and then start trending up or break through it and take a deep dive down. While the position is still profitable and you may choose to keep it open, here I am suggesting another alternative of how price action may develop.
I think the price will start zig-zagging around the support level, do a double bottom and then start trending up towards the upper trendline from the channel we already defined. The Market Flow indicator turned green, which in my trading system is an indication to close short orders and look for a long one. Those of you holding the short from yesterday may choose to hedge that trade with a long from that level.
The Stop Loss is fairly close, so feel free to adjust it if you are worried it will get hit (especially if the spread on the exchange you are trading on is fairly big).
Entry: $52.71
TP & RR: $54.66 (4.88)
Stop Loss: $52.31
REASONS FOR THE TRADE
If you followed my trade idea from yesterday, then you know that I was expecting either for the price to bounce from the lower trendline and then start trending up or break through it and take a deep dive down. While the position is still profitable and you may choose to keep it open, here I am suggesting another alternative of how price action may develop.
I think the price will start zig-zagging around the support level, do a double bottom and then start trending up towards the upper trendline from the channel we already defined. The Market Flow indicator turned green, which in my trading system is an indication to close short orders and look for a long one. Those of you holding the short from yesterday may choose to hedge that trade with a long from that level.
The Stop Loss is fairly close, so feel free to adjust it if you are worried it will get hit (especially if the spread on the exchange you are trading on is fairly big).
Trade closed: stop reached:
Invalidation of the setup and our SL got hit.