Crude oil might be heading towards the top of the recent sideways range, the price has broken above the main falling trend line(thick dashed line), its usual that we see price move in sideways bias following a trend line breakout as the supply demand equilibrium might have changed, and the previous downside bias could be changing to neutral.
Furthermore, we have seen a breakout above the short term descending trend line(thin dashed line), in addition to the horizontal resistance near 50.30 area, which was followed by a pin bar candle.
To make a long story short, I placed a buy limit order targeting the top of the range near 54.20. What i don't like much about this trade is the risk-reward ratio for the first half of the position its just above 1:1 ..
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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
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Good luck, keep your stops tight..
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www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician
Furthermore, we have seen a breakout above the short term descending trend line(thin dashed line), in addition to the horizontal resistance near 50.30 area, which was followed by a pin bar candle.
To make a long story short, I placed a buy limit order targeting the top of the range near 54.20. What i don't like much about this trade is the risk-reward ratio for the first half of the position its just above 1:1 ..
Thank you for reading , be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
------------------------------------------------------------------------------------------------------------------------------------------------------------
Good luck, keep your stops tight..
twitter.com/thefxchannel
www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician
