USOIL is going though a pullback phase, currently at 50% retracement and at 3.3 days' average price. Bears gapped down the grey shaded area around 6950, as long as the bullish gaps below are still open, bullish continuation has better odds. Upon closing higher than 6950 gap area, entering long with stops below 6920 seems reasonable, 2R-3R targets ahead.
Trade active
Gap tested, the price is above but not closed this 30M candle yet. Stops below 6920 & 2R-3R targets ahead. $400 Risk here per 1000bbl.Trade closed: stop reached
Price dipped below 6920, but there’s no clear breakout either way. Upon confirmation, re-entering long.Trade active
Re-entering here, stops below 6915Trade closed: stop reached
Stop reached. 80 ticks loss on those two tries.Trade active
Another try .57 stop .41Trade closed manually
Closed +26 ticksNote
Trade active
In .45 SL .23Trade closed: target reached
+27 ticksNote
Most probably price will go higher after clearing out the buyers' stops and trapping some bears. It was one of those "tricky days" and to be coming out with 27 ticks loss all in all while being on the wrong side is not that bad. Being flexible with closing and re-entering is very important. Looking for a long entry here.Note
Note
Trade active
In .70 SL .47Trade closed: stop reached
-25 ticksTrade active
In 6811 SL 6787Trade closed manually
+25 ticksTrade active
There is a breakoutNote
Price is above the entry level. Potentially even higher the upcoming days.
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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.