USOIL Long - 15 November 2011v2

hongzx123 Updated   
TVC:USOIL   CFDs on WTI Crude Oil
Sorry, this is a duplicate idea which i amended my position display on the chart
- Note that this is a trade set up carry over from the # USOIL 2.66% Long - 10 November 2016 (not triggered)
- 2nd bullish reversal candle formed and fake breakout of the inside candle formation after testing 43.11 daily horizontal support
- With these, i believe that bull is still in play in this set up

- set at high of the 2nd bullish candle high @ 44.1

- set at 50% fib of the bullish candle @ 42.55 (which is also few pips below the previous swing low of 42.72 on 16 September 2016.
Trade active:
Updates - 16 November 2016:
- Price finally burst upwards after the 2nd bullish reversal candle
- It is in sight to the next resistance @ 47.0
- 47.0 is the high reached in August and near the 50MA resistance

Note: just realised i didnt copy over my TP. TP is currently set at 47.30
Trade active:
Updates - 17 November 2016:
- Yesterday candle closed a bearish reversal candle near the impending 20MA resistance (simple MA used here, exponential method would have the price tested the 20MA resistance)
- Does the bearish reversal candle has any significance?
- Drilling down into 4H chart, noticed that the price has been in a mild congestion status.
- To tackle this situation, i have moved my TP lower @ 47.0 and would consider exiting the trade prematurely if a 2nd bearish reversal candle occur after testing the 20MA resistance.
Trade closed manually:
Updates - 18 November 2016:
- T.T my profits.....
- In this point of writting, my profit dropped from $2.4 to $0.9. How should i go forward from here? Lets do a pro and cons analysis:

P1: With SL moved to my entry, i m risking $0.9 profit for potential $1.9 additional profit.
P2: The bull set up is so strong, 2 hammer at daily support of 43.5

C1: 10/20/50MA aligned to show bearish trend
C2: Double bearish reversal candle (also shooting star) after failure to break 20MA resistance
C3: Just realised that none of the daily close is above the high of the 9 November shooting star's high

It seems like C>P and i do admit is quite difficult to find any Pros after the double bearish reversal candle... So i have decided to take my $0.9 profit :)

However, i still believe that bull will still in play. Perhaps it might go lower to retest the daily support @ 43.5 before shooting up high again. I shall revisit this!!!!!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.