Oil Ascending Channel Long Position
Entry: $51.69
TP & RR: $52.87 (1.59)
Stop Loss: $50.95
REASONS FOR THE TRADE
After breaking up at the ascending triangle, Oil has now formed an ascending triangle, testing the lower trendline. If it holds I believe that it will make a higher high and potentially trying to test the upper trendline or at the very least do a double top.
My Stop Loss is very conservative here because there may be a fakeout and I don't want to get stopped out (my USDJPY trade is still haunting me I guess). As I am writing this I can see that the price is already going up, so I hope a small pullback will give me the entry I want, after which I will start trailing my SL.
Entry: $51.69
TP & RR: $52.87 (1.59)
Stop Loss: $50.95
REASONS FOR THE TRADE
After breaking up at the ascending triangle, Oil has now formed an ascending triangle, testing the lower trendline. If it holds I believe that it will make a higher high and potentially trying to test the upper trendline or at the very least do a double top.
My Stop Loss is very conservative here because there may be a fakeout and I don't want to get stopped out (my USDJPY trade is still haunting me I guess). As I am writing this I can see that the price is already going up, so I hope a small pullback will give me the entry I want, after which I will start trailing my SL.
Dagangan ditutup secara manual
I've manually closed my trade here since I am not seeing what I was expecting. I was looking for a clean wick and then for the price to start trending up. I don't want too much action around the trendline, because this would indicate weakness of the bulls and this may be followed by a sharp drop. I am willing to reopen the position and obviously pay a higher price if I see some strength.
Dagangan aktif
Update: Limit Buy set at $51.82 and Stop Loss moved up to $51.42.Much more favorable Risk: Reward if we get filled.Dagangan ditutup secara manual
I've manually closed the trade. However, this is not a suggestion for you to do the same. I just have a bad experience with price sliding up a trendline, so I decided not to take the risk. If you are trialing a Stop Loss, then you are already locking in profits.From a technical standpoint, nothing specifically indicates weakness and I believe the price will do at least double top, retrace a bit and continue to the upper channel (provided this continues to be a valid setup).
I am looking for a new entry and will post this as a new idea.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.