Long Oil Swing Trade 4H
Updated
I am taking a long swing trade on Oil - The fundamentals Russian oil may get banned in Europe(Oil rallies because of demand) and the china lockdown from COVID-19(Oil declines of oversupply) these two fundamentals oppose each other. The technicals say there is a daily support @ $93.00 and an uptrend on the daily timeframe. Seasonality states that Oil via USO ETF is bullish between Apr 28 to May 18 90% of the time.
Entry was 102.50 tp1 - 110.25(reduce by 1/3), tp2 - 118.2(reduced by 50%) and let the last 3 run till stop by lower Donchian channel.
Let me know what you think in the comments.
Entry was 102.50 tp1 - 110.25(reduce by 1/3), tp2 - 118.2(reduced by 50%) and let the last 3 run till stop by lower Donchian channel.
Let me know what you think in the comments.
Trade active
Russia cuts off gas to 2 NATO countriesThe dollar rallies to highest since January 2017
Trade active
closed 1/3 of the position and moving stoploss to breakeven + $1.Trade closed: stop reached
Breakeven stop reached, the position is closed.Trade closed: target reached
TP1 Reached after position closed
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