Oil Lower High - Short Order
Entry: $53.55
TP & RR: $51.05 (2.38)
Stop Loss: $54.60
REASONS FOR THE TRADE
Oil has entered into a bit of a range recently, but the formation of the lower high on Friday makes me think that we are about to see another lower high, which should then form a lower low. This is where we will be looking to take profit. The Stop Loss is set well above the highest high, so if we are to break that level, then we have clear invalidation of the setup. So, pay attention to the price action around this area, and should it break it, feel free to close the trade prematurely.
The wide SL is purely for decreasing the position size, as I don't want us to lose a full 1% on a trade without a clear signal from my indicators.
Entry: $53.55
TP & RR: $51.05 (2.38)
Stop Loss: $54.60
REASONS FOR THE TRADE
Oil has entered into a bit of a range recently, but the formation of the lower high on Friday makes me think that we are about to see another lower high, which should then form a lower low. This is where we will be looking to take profit. The Stop Loss is set well above the highest high, so if we are to break that level, then we have clear invalidation of the setup. So, pay attention to the price action around this area, and should it break it, feel free to close the trade prematurely.
The wide SL is purely for decreasing the position size, as I don't want us to lose a full 1% on a trade without a clear signal from my indicators.
Trade active:
Trade Update: I am not super keen on how this trade is developing... I was expecting a more sudden reaction around this level and a possible drop. If price starts ranging in this zone I will close the position, as it may signal a consolidation before another move up
Trade active:
Moving trial stop loss down to secure profits from this trade. Still looking forward to hitting the target.