We have currently witnessed a shift in the market structure on the 4-hour chart. My perspective is that it would be preferable for oil to experience to run imbalance before any potential rally. In light of this, I believe there is a distinct short setup that presents an attractive risk-to-reward ratio.
Trade active
Note
I'm already up by 2R. I was keeping an eye on lower time frames. I plan to off load a portion and let the remainder continue as a runner.Note
The SL has been moved at 81.7, which aligns with my Break Even point. Some partial profit has already been secured. Let's allow the remaining position to capture further gains.Trade closed: target reached
Position nearly 3/4 closed now, since we've successfully taken out the SSL on the 4-hour chart. This translates to a gain of 4.5R, which has been secured. The final 1/4 of the position will either hit the stop loss or reach the last take profit level as indicated on the chart. A truly remarkable trade!Trade closed: stop reached
after taking 4.5R profit. it finally take me out at breakeven
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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.