USOIL Potential Continuation Short

USOIL is likely to pullback to around 5220 where continuation sellers are expected to enter the market. As for now, buying any minor pullback to 5085 towards the 5220 area and flipping short around there seems reasonable. Shorter timeframe for trade entries and thorough risk management is of utmost importance. It is better to get out of the market with minimal loss than hold the bag for weeks. This is overly a bearish market and the previous times sellers were too eager to sell and didn't wait for any significant pullback. There's a sense of urgency in the market and people are selling any pullbacks so being careful with longs is a must.

Trade active

In long @ 5084 stop 5049 & 1R-3R targets

Trade closed: target reached

1/2 position closed @ 1R, remaining half open with the same stop. A risk free trade.

Trade closed: target reached

3R target on the remaining 1/2 position. 2R on the full position.

Note

Lower timeframe look at the same structure

We are currently just below the 15 degrees red line and the 4H 20EMA is some 40 ticks above us. Looking for limit sells setups here seems reasonable. Lower timeframe rejection will provide the signal.

Note

Limit sell order @ 5195, stop @ 5230

Note

USOIL 30M

The market is just below the 4H 20EMA and the 15 degrees angle line, usually sellers tend to come in around these areas.

Trade active

Trade closed: target reached

Booked 1/2 position @ 1.1R, the remaining half working with same stop. A risk free trade.

Trade closed: target reached

Booked the remaining 1/2 with 3R. 2R on the full position.

Zoen_Trieste

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