In our first post about oil we explained why we believe that Oil will conclude cycle wave 2 around the 57-63 area.
We now believe it to be likely to complete the above triangular pattern before dropping more. The upper trendline of the triangle is confluent with the order block. To allow our stop loss to be extended to 81 respecting our risk managment rules, we closed half of the position. Our total loss for this position up to now is 0.7% of equity, so we are allowed to risk 0.8% more. Current stop loss is at 81 for 0.6% risk.
We now believe it to be likely to complete the above triangular pattern before dropping more. The upper trendline of the triangle is confluent with the order block. To allow our stop loss to be extended to 81 respecting our risk managment rules, we closed half of the position. Our total loss for this position up to now is 0.7% of equity, so we are allowed to risk 0.8% more. Current stop loss is at 81 for 0.6% risk.
Trade active:
short added at 79.6
Comment:
flirting with stop loss. . Our stop loss now corresponds to 81.6 WTICOUSD price (previous high) for 0.8% risk.
