This is a potential 61.80% reaction buy setup on the 240 min chart of light crude oil futures for the delivery month of November 2018. It will be a $1.5k risk per contract to have a stop beneath the previous gap highlighted in blue. Upon closing higher than the area highlighted in red, a test of previous supply area around 7100 will have increased odds.
Note
The gap area shaded in red wasn’t filled, signifying bears control over this market so far.Note
The gap was tested. Closing higher is a sign of bears losing control.Trade active
Gap swapped. Bullishness established. Stops beneath 6750, 2R-3R targets ahead.Trade closed: target reached
$1.4k profit per contract currently, 2R target achieved, partial profit taking.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.