USOil Correction on Cards!!

FX:USOIL   CFDs on Crude Oil (WTI)
USOil has potentially run its course for the current upmove and would give a correction from here.. Based on the last Candle Stick pattern around the targets of 62/63 suggests the correction might get started from here. If it were to be true then the targets for the down move would be around 40 . I would go short at the current price with small stoploss around 65.5 with targets around 42. Its a nice risk reward trade if it works out as forecasted.

Happy Trading!!


made a 3 wave correction and still going up
Its a good setup. I would scalp while going towards the target as it might rise due to the bull trend
@nomy47, Yes, I would keep small stoploss based on the trend.. but reversal is expected around current levels..So Once I am in trade I like to ride the waves.
nomy47 SirajHudda
@SirajHudda, yes , This level is very crucial and downwards momentum is needed. lets see what does the week brings us . GOOD LUCK .
i like trading on the Pinbar and price action. Why are you going with a 10:1 reward to risk ratio, isn't the probability of that really low?
Are you planning on scaling out? or just selling at 42 or nothing? if you're scaling at which targets.

curious. thanks
nomy47 Remind
@Remind , i will be looking for a reversal if go this short ....
@Remind, there will be many wave structures going towards the target and I would be taking multiple trades based on the structures.. 42 is my forecasting for long term if you stick will long term trades.
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