Trading oil is still fairly new to me but after i witnessed the price of Oil plummet to $0 per barrel, i knew that there was massive upside and a SERIOUS issue with the global economy, leading me on my search to learn how Oil futures & fundamentals work.
This trade set-up is pretty simple; A to B
Theres a fib setup located from the 4th of April to the 11th mapping out the most obvious macro swing high and lows
There's a macro Fibonacci which i have come to love over the years and we are currently seeing weakness just above the $100 handle, right where the 61.8% fib is located. They don't call it a 'Golden Number' for no reason do they..?
Looking at the intraday chart on the left hand side, i have identified $99 to $98.50 being the last potential level for bears to retest into before momentum from the bulls step in and maintain the intraday/week bullish rally which started on the 11th April.
'NEVER RISK MORE THAN I CAN AFFORD TO LOOSE'; Something i always tell myself as it allows me to stay calm whilst executing therefore, i'd like to share that message with all of you guys!
STOP: 102.4
PROFIT TAKING: 98.50
ENTRY: 100.85
RISK: 2.2
Anything higher than 2.0 risk would be classed as an ideal set-up opportunity.
This trade set-up is pretty simple; A to B
Theres a fib setup located from the 4th of April to the 11th mapping out the most obvious macro swing high and lows
There's a macro Fibonacci which i have come to love over the years and we are currently seeing weakness just above the $100 handle, right where the 61.8% fib is located. They don't call it a 'Golden Number' for no reason do they..?
Looking at the intraday chart on the left hand side, i have identified $99 to $98.50 being the last potential level for bears to retest into before momentum from the bulls step in and maintain the intraday/week bullish rally which started on the 11th April.
'NEVER RISK MORE THAN I CAN AFFORD TO LOOSE'; Something i always tell myself as it allows me to stay calm whilst executing therefore, i'd like to share that message with all of you guys!
STOP: 102.4
PROFIT TAKING: 98.50
ENTRY: 100.85
RISK: 2.2
Anything higher than 2.0 risk would be classed as an ideal set-up opportunity.