UsOil retrace on 4hr - Short Position Opened
Updated
It looks like the 4hr chart present an opportunity to enter a short trade since the price retraced to the 0.382 Fibonacci zone of the previous down trend leg.
I am entering short with a SL above the spike of the previous high at 38.67 with a TP at 35.10
The reason I have chosen 35.1 as a possible target is that I am ssuming that the price is going to reach the low of 2009 at 32.95 so I safely assume that the price might get to 35.
I might be wrong, and therefore I will keep a close eye on this trade and I only trade half of my usual size.
I am entering short with a SL above the spike of the previous high at 38.67 with a TP at 35.10
The reason I have chosen 35.1 as a possible target is that I am ssuming that the price is going to reach the low of 2009 at 32.95 so I safely assume that the price might get to 35.
I might be wrong, and therefore I will keep a close eye on this trade and I only trade half of my usual size.
Trade closed: stop reached
Unfortunately even though the trade was good and the setup was there, the spike on the following candle hit my SL and closed my trade with a loss of -86 pips.
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