Shorting Oil Near Prior Support

FX:USOIL   Crude Oil (WTI)
1044 17 9
Update: Reached target without triggering entry.. trade is cancelled
Broken key 80 horizontal support and psychological level could reverses role to resistance now, another simple short.

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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
1) If 90 percent of first target is reached I move stop loss to breakeven.
2) If 90 percent of first target is reached without triggering entry I cancel the trade.
3) Remember: Losing is a main part of the game
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Skype: Technician - The forex channel
Hey Technician,
I've been following for a while and really appreciate your charts. Question: How did you get started trading? Do you have any books you can recommend ?
Hello, Thank you.. It has been a long time, i started learning back when i was in college 12 years ago, but it was pretty Intermittently. I started to trade and apply analysis professionally 4 years Ago. I recommend that u read all the books that you encounter, but take what convinces you from them and leave everything else. Some books are " Technical analysis of the financial markets" by John Murphy. "Technical Analysis Explained" By pring.. I actually read a lot of books but i have learned to apply what i believe in.
+1 Reply
aziz92 Technician
Thank you.
Ur welcome Mate.
+1 Reply
Good luck
+1 Reply
Nice basic and simple structure trade. Thanks for sharing.
+1 Reply
sir, i appreciate your work !

can you tell me about GOLD ?
Sure, i will post an analysis for gold very soon
+2 Reply
Again, we reach target without entry.. trade is cancelled
HexVex Technician
I thought you were gonna say first target reached. What was the trigger for entry.
sell limit was at 79.50, which price didn't reach
HexVex Technician
Gotcha. I had a hunch it was about to move lower and took the trade. Watching candles bobbing up and down all day had to be good for something one day :) Thanks as always!
+1 Reply
Great you did :)
HexVex Technician
Just a thought.... Check out the 100 MA on the hourly/ 200MA on the 30min chart. Caps the last 3 spike- ups perfectly.
Just occurred to me to ask... I'm using S*xo and they make me wanna drive my head through the wall a lot of the time. Is there anyone you recommend? The currency people I use are good but they offer no stocks, oil, or indexes. Would be great if there is something else out there other than S*** and Interactive ''B*s*a*ds''
Oanda are pretty good
HexVex PureSymmetry
Thanks, I'll take a look. S*xo took 20% of the trade you see above to the first target :( Your stock has to make 1% before you're at 0. Then minus 15% or something off the result!
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