Oil Short
Looking to short Oil. After the large gap from weekend news regarding the strikes on Iran being more about retaliation than targeting the manufacturing supplies there is some downside potential for Oil. Currently trading below the gap, I am looking to trade Oil lower before buying it back up. Buy's right now do not make sense for the strategy.
Confluences for the short:
-38% fibo
-Key Level
-Trendline break and retest
Entry is now
Stop loss is set around 69.64, any higher and the idea is inactive as Oil should begin to push higher after breaking the nearest resistance.
Targeting the next support and resistance at the lows created in September.
*Remember this is not financial advice I post on here more to give an idea of trading and how I look at the market.
Never the less, trade safe and catch you later traders ▲
Confluences for the short:
-38% fibo
-Key Level
-Trendline break and retest
Entry is now
Stop loss is set around 69.64, any higher and the idea is inactive as Oil should begin to push higher after breaking the nearest resistance.
Targeting the next support and resistance at the lows created in September.
*Remember this is not financial advice I post on here more to give an idea of trading and how I look at the market.
Never the less, trade safe and catch you later traders ▲
Trade active
Trade has reached 1:1R can take some partials according to trading plan.
Let's see how the rest of trade plays out.
Trade closed manually
Trade moved around 85 pips before, coming back to BE. Trade is over I will not be re-entering
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.
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.