Disclaimer: Not taking any more real trades until I free up more capital from current positions held. This is a demo trade, so in other words its just a trade I'm putting down in my journal as a trade that I would've potentially taken. That way I can still gain more valuable trading experience, instead of just sitting idle.
Reason for the trade, is the doji candle formed at resistance and clear rejection of resistance on the 1hr chart. And the possible channel formed within the range crude has found itself within. Since it is a counter-trend trade I do look to take profits below the 1:2 R/R ratio. Anyhow, will be looking to go long crude once price reaches the bottom of the range & channel upon bullish candlestick confirmation. And once again, this is a demo trade, not a "live" trade so keep that in mind hehe . =)
Cheers =)
Reason for the trade, is the doji candle formed at resistance and clear rejection of resistance on the 1hr chart. And the possible channel formed within the range crude has found itself within. Since it is a counter-trend trade I do look to take profits below the 1:2 R/R ratio. Anyhow, will be looking to go long crude once price reaches the bottom of the range & channel upon bullish candlestick confirmation. And once again, this is a demo trade, not a "live" trade so keep that in mind hehe . =)
Cheers =)