USOIL has been going up for quite a while now, hitting the previous broken support as its resistance now. Weekly candle formed a strong bearish shooting star giving good insight to a short trade.
Managed to enter a 290 pip short trade from 63.90 with take profit being 61.00. closed out the trade just few pips shy from the tp level as I had quite many trades running.
Now, looking at how price reacted to the trendline, I am looking to see a strong retracement up to 61,8 fibonacci level. I dont believe the 3rd trendline touch being a catalist for long trade as the market is clearly overbought.
Should price continue its way down, I will be looking for a break of the trendline and a retest of some sort to enter a short trade with as good risk reward as the market is able to present.
Looking down at potential TP levels. Break of 60.00 level should make way for price falling even lower to 57.50-58.00 region. Thats where I will be looking to take profits if an optimal entry has been achieved.
Managed to enter a 290 pip short trade from 63.90 with take profit being 61.00. closed out the trade just few pips shy from the tp level as I had quite many trades running.
Now, looking at how price reacted to the trendline, I am looking to see a strong retracement up to 61,8 fibonacci level. I dont believe the 3rd trendline touch being a catalist for long trade as the market is clearly overbought.
Should price continue its way down, I will be looking for a break of the trendline and a retest of some sort to enter a short trade with as good risk reward as the market is able to present.
Looking down at potential TP levels. Break of 60.00 level should make way for price falling even lower to 57.50-58.00 region. Thats where I will be looking to take profits if an optimal entry has been achieved.
Trade closed: target reached