Oil: Long Within Sideways Range

FX:USOIL   CFDs on Crude Oil (WTI)
1508 14 18
Crude oil             might be heading towards the top of the recent sideways range, the price has broken above the main falling trend line (thick dashed line), its usual that we see price move in sideways bias following a trend line breakout as the supply demand equilibrium might have changed, and the previous downside bias could be changing to neutral.

Furthermore, we have seen a breakout above the short term descending trend line (thin dashed line), in addition to the horizontal resistance near 50.30 area, which was followed by a pin bar candle.

To make a long story short, I placed a buy limit order targeting the top of the range near 54.20. What i don't like much about this trade is the risk-reward ratio for the first half of the position its just above 1:1 ..

Thank you for reading , be one of the first members of my new trading portal, check my new website , vote and subscribe. Thank you

Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
Good luck, keep your stops tight..
My best regards
I teach my experience conclusions in 10+ trading strategies. PM me for details and cost.
failed :(
-1 Reply
Casey_Yeo Technician
there is another H4 pinbar rejected 48 level. you not taking that? I'm tempted but sticking to my plan to only trade daily/weekly signals this year.
-1 Reply
Technician Casey_Yeo
Its mentally tough to take this again...
-1 Reply
Technician Casey_Yeo
But i did my friend
-1 Reply
Casey_Yeo Technician
LOL! Good to know you are human after all (the mental part) and good to know you will take this setup as the idea has not been invalidated yet. Good luck!
-1 Reply
Technician Casey_Yeo
Thanks mate
-1 Reply

If you look at hourly chart, you might have taken a position at $49~50 :) rather than 1:1 here
Technician LastBattle
mmm, its not my way of trading
-1 Reply
I was hoping for a pin bar on daily chart to long around that 48-49 zone. Too bad there isn't one.
Technician Casey_Yeo
yeah, we have a four-hour pin bar though
-1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out