UKOIL: Brent Crude Time to close out longs and consider shorts
Updated
BRENT CRUDE: UKOIL Trading Strategy Ahead of Opec
Sweet Sweet Crude
Have closed out the long position finally as Brent touched the
upper parallel. It's the fourth strike and should come back
from here. Closed at 64.33 for 1833 pips profit on a trade that
carried 30 pips of risk from the outset, taking under 6 weeks
to achieve. Best win of year (apart from Bitcoin, obviously)
Wondering about shorting here, think it's the right thing to do
with stop above 64.70 in case Opec deliver a surprise for
once. It certainly was last time we tried it. If they do, Brent
could rally just above the high today, take out stops nearby
and then have a problem again...need to be careful, therefore.
But usually it pays to sell before the news...
. ..if stop gets struck it means a big surpise, and will look to
get long once again on next pull-back, aiming for 67.20 minimum,
it could potentially overshoot and spike to 69.73 at the max and
then spill over - but that will have to be one hell of a surprise,
and a hell of a shorting opportunity too, most likely, if we see it.
Sweet Sweet Crude
Have closed out the long position finally as Brent touched the
upper parallel. It's the fourth strike and should come back
from here. Closed at 64.33 for 1833 pips profit on a trade that
carried 30 pips of risk from the outset, taking under 6 weeks
to achieve. Best win of year (apart from Bitcoin, obviously)
Wondering about shorting here, think it's the right thing to do
with stop above 64.70 in case Opec deliver a surprise for
once. It certainly was last time we tried it. If they do, Brent
could rally just above the high today, take out stops nearby
and then have a problem again...need to be careful, therefore.
But usually it pays to sell before the news...
. ..if stop gets struck it means a big surpise, and will look to
get long once again on next pull-back, aiming for 67.20 minimum,
it could potentially overshoot and spike to 69.73 at the max and
then spill over - but that will have to be one hell of a surprise,
and a hell of a shorting opportunity too, most likely, if we see it.
Note
Hva etaken a short position with tight stop at 64.72 but ready to reverse, as above. High so far 64.62 - close but not hit yetTrade active
...and now have raised stop to 64.82 hoping to avoid a possible spike.
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