Our second trade in UKOIL!
Updated
Hello everyone! It’s been a while since I don’t update you my oil trading, so here we go. This trade is going very well, thank you very much, and this pennant was the pullback I was waiting since I booked my profits of our last oil trade. If you missed my last call, the link to them are below. Our trade gave us 45% profits, and I invite you to follow me to keep in touch with our trades and analyses. My TWITTER has some interesting stuff too, go check it there, you will understand better how I trade and how I see the market!
As I said in my last analysis, I was waiting for a bullish pattern to confirm my views, and it happened. The price found support at the purple trendline and at one of its previous bottoms (thin red line), and did a triple bottom, a good bullish sign. If you are not entirely comfortable trading the hourly chart (like me), you could’ve bought half of your position using the hourly chart, and the remaining half using the daily chart. Speaking of daily chart, here it goes:
And here’s the confirmation a conservative trader wanted! The closure outside the pennant was the ultimate sign, and that’s the point we enter again. Or you can be even more conservative and wait for the price violate the last candle’s high to buy your remaining position, and that’s what I like to do with oil (I don’t like to do that with stocks because they gap a lot). Now, the UKOIL trade 2 is on!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
As I said in my last analysis, I was waiting for a bullish pattern to confirm my views, and it happened. The price found support at the purple trendline and at one of its previous bottoms (thin red line), and did a triple bottom, a good bullish sign. If you are not entirely comfortable trading the hourly chart (like me), you could’ve bought half of your position using the hourly chart, and the remaining half using the daily chart. Speaking of daily chart, here it goes:
And here’s the confirmation a conservative trader wanted! The closure outside the pennant was the ultimate sign, and that’s the point we enter again. Or you can be even more conservative and wait for the price violate the last candle’s high to buy your remaining position, and that’s what I like to do with oil (I don’t like to do that with stocks because they gap a lot). Now, the UKOIL trade 2 is on!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Trade active
Our trade is still active, but it seems the time to book our profits is close.If this Harami will be confirmmed, then it's time to sell and go away.
Tomorrow I'll do another analysis.
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