Hello everyone. Been a while since I traded again. I've been holding back since Brexit and trying to avoid trading with the US elections going on but started looking at charts again last week. Today I am entering short on WTI Crude Oil. I have entered at the current price of 46.94$ with a stop loss of 50$. Please use your own judgment if you trade in agreement for your entry and limits.
As shown we have a traditional candle pattern of an Evening Star within the last 5 days. On top of this formation we have what may be a double top while coming down from a 76.4 Fibonacci replacement and sitting on the support of the 61.8 level waiting to break under. Not only do we have both of these going on, there is also bearish divergence in Williams %R and Stochastic Oscillator, depending on your settings for them. My stochastic is set to be the same as Williams %R on default settings. I didn't mark it on my chart but you can also see a very large volume for the week on the day of the doji candle.
Trade active
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Trade closed: target reached
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I am closing out here. The trade has gone very well. I may only close out half and keep the remainder in position.