USOIL Long - 10 November 2016
Updated
Background:
- Daily chart currently forming an ascending triangle
- Yesterday candle closed a bullish reversal hammer candle at the trendline support and horizontal support of 43.1
Entry:
- Buy stop placed at yesterday candle high @ 46.0
TP:
- Set at daily resistance area @ 50.0 (round number resistance)
SL:
- set at 50% fib of the reversal candle @ 44.5 (0.5 below round number of 45.0)
- Daily chart currently forming an ascending triangle
- Yesterday candle closed a bullish reversal hammer candle at the trendline support and horizontal support of 43.1
Entry:
- Buy stop placed at yesterday candle high @ 46.0
TP:
- Set at daily resistance area @ 50.0 (round number resistance)
SL:
- set at 50% fib of the reversal candle @ 44.5 (0.5 below round number of 45.0)
Note
Updates - 11 November 2016:- Trade yet to be triggered
- Yesterday session closed and formed an inside candle, hopefully it is storing energy to burst up
- at this point of time, no reason to quit this trade.
Note
Updates - 13 November 2016:- Last day of the trading week closed a bearish candle. The candle is testing the low of the 9 November bullish reversal candle and daily support @ 43.09
- The set up might be invalidated, if a 2nd bullish reversal candle occurred at the daily support area of 43.09, we might be able to long again
Order cancelled
Updates - 15 November 2016:- Yesterday candle closed a bullish reversal candle and formed a fake breakout from the inside candle formation, after testing daily horizontal support @ 43.11
- This shows that bull is still have a say in this....
- Due to a 2nd reversal candle formation, i will modify my trade set up for this. Please refer to # USOIL Long - 15 November 2016 for continuation of this trade
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