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 ..

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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
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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
Its mentally tough to take this again...
-1 Reply
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
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 PRO 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.
yeah, we have a four-hour pin bar though
-1 Reply
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