Crude Oil Quick Long Then Bigger Short

Updated

Positive divergence spotted on all 3 indicators + near Fibonacci and support cluster. + inverse H&S spotted on MACD 1H tf, expecting pullback to at least 0.786, quick long position will be closed at that point, then will wait for golden fib 0.618 which coincides with key level (44.6-44.7) and hopefully short it to support of current flag pattern at fib extension 1.272.
FIRST POSITION:

Long entry: 42.64
TP: 43.72
SL: 41.89

SECOND POSITION:

Short entry: 44.55
TP: 41.26
SL: 45.55 (just before fib 0.382 because if resists at that fib the continuation move is likely to be a small one)

Trade closed: target reached

First target reached earlier than expected

Comment

edited: Long target extended to 44.55. Short entry point raised to 45.73 with a target of 42.71:

Trade closed: target reached

new long target reached

Comment

Price is closing in on the revised short entry point of 45.73.. The oil inventory draw today (Actual -6m vs Forecast +3m) will help push oil further towards the entry point. Preferably will short it tomorrow since report was bullish today and trend for the day is likely to be up.

Comment

Sorry for no updates was caught up in the action. Shorts opened at 46.5 and near that. shorted the first small drop then collected shorts again the big drop. TP was 44.6 but I closed final position at 44.9

Trade closed: target reached

Now done with this move.. looking for retracement towards 45.3 area then may short again depending on the conditions next week.

faris.makki

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