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Hello traders,
OPEC meeting is not finished yet but news come out now and then. Final news is that an agreement to increase production is not going to happen at this time. Still need to be confirmed later.
Bad news on OPEC but good news and a great trigger for USOIL' correction on the top. Check a broken trendline on the blue support structure zone,targeting 70 again. And now we dont have to worry about the contract rollover issue becoz a new contract just start few days ago.
Less is more!
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Trade closed: target reached
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We closed half lots size before OPEN to protect our account. Still now is profiting 120 pips.
Trade closed: target reached
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Our signal tp1 68.1 hit +210pips. Pls move sl to your entry .
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Trade closed: target reached
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69.6 is our second target.
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69.6 is our second target.
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This is insane. We missed almost $2.
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and the top is rehit with sure now. No rush to short it yet. But just so sorry the $2.
I was so sure that it will fall - from everywhere I heard - oil will fall because OPEC increases delivery. Therefore I shorted oil - and increased and increased stop loss, which was a big mistake.
And as you stated, in the news we hear, there is a higher demand OPEC can support, even with the increase.
And investors who bought so much oil, yesterday, know that. So the only logical conclusion is ... it has to rise further (maybe with a little pullback inbetween).
The big question is ... will there be a pullback (and how deep) or will it rise further, directly like yesterday, to 72?
What you you suggest to hedge my positions ... should I wait for a pullback and go long or would you go long before Asia market on Sunday. Thanks for your kind advice!
FUNTRADER-Vera
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@tirolerstefan, hello there, I only predict oil will go back to test 70 round again.
So if you think a pullback with a stop loss is under your risk control and satisfied your RR ratio , you could try.
izyodore
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you predicted it very wisely my dear,
Great work and wish a wonderful weekend.
Cheers
I was so sure that it will fall - from everywhere I heard - oil will fall because OPEC increases delivery. Therefore I shorted oil - and increased and increased stop loss, which was a big mistake.
And as you stated, in the news we hear, there is a higher demand OPEC can support, even with the increase.
And investors who bought so much oil, yesterday, know that. So the only logical conclusion is ... it has to rise further (maybe with a little pullback inbetween).
The big question is ... will there be a pullback (and how deep) or will it rise further, directly like yesterday, to 72?
What you you suggest to hedge my positions ... should I wait for a pullback and go long or would you go long before Asia market on Sunday. Thanks for your kind advice!