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 Notes: 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.. twitter.com/thefxchannel facebook.com/thefxchannel plus.google.com/+Thefxchannel0 My best regards Technician
Comments
LastBattle
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If you look at hourly chart, you might have taken a position at $49~50 :) rather than 1:1 here
Technician
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mmm, its not my way of trading
Casey_Yeo
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I was hoping for a pin bar on daily chart to long around that 48-49 zone. Too bad there isn't one.
Technician
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yeah, we have a four-hour pin bar though
Casey_Yeo
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yes but I don't trade four hour signals anymore. Good luck!
riskfirst
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And a nice one
riskfirst
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Thanks Technician, I will be long after 53.46 which correspond to 50 MA
Technician
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You're welcome, good luck to both of us then
Technician
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failed :(
Casey_Yeo
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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.
If you look at hourly chart, you might have taken a position at $49~50 :) rather than 1:1 here