Technician
Long

Oil: Long Within Sideways Range - Second Attempt

FX:USOIL   CFDs on Crude Oil (WTI)
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My previous trade failed and was stopped out (https://www.tradingview.com/v/SkmOygMy/). However, i am giving this setup another shot at a better level with a better risk-reward, as the price retested areas near the bottom of the range at 47.40, forming a pin bar .

Crude oil might be heading towards the top of the recent sideways range, the price has broken above the main falling trend line (thick dashed line), its usual that we see price move in sideways bias following a trend line breakout as the supply demand equilibrium might have changed, and the previous downside bias could be changing to neutral.

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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
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
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Technician
Hi there, just wanted to know what do you think about this chart here. I know in the market anything is possible, but don't you think the OIL could lift-off from that point? Many thanks for your time!https://www.
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Crude have broken the recent lows and trend is very strong so i wont bet on that my self. Its personal views.
+1 Reply
null Technician
I think the shopping has started 20 ticks earlier than my prediction at $41.80 (where both lines cross), though I am not absolutely sure, will wait for confirmation. Cheers!
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