106RR Oil Short
TP $67
Again, the higher time frame commitment is bearish so looking for lower time frame opportunities to enter.
Last two recent trades on Oil have been losses.
This one is also high risk, but if it fails I see another opportunity to short a little higher up.
I am confident though we will move down to at least $67 though.
Just a matter of finding that LTF opportunity so don't risk big.
TP $67
Again, the higher time frame commitment is bearish so looking for lower time frame opportunities to enter.
Last two recent trades on Oil have been losses.
This one is also high risk, but if it fails I see another opportunity to short a little higher up.
I am confident though we will move down to at least $67 though.
Just a matter of finding that LTF opportunity so don't risk big.
Note
Note
Currently 4R in profit, I will not close as my conviction on continuation to the downside is high.I see any of these scenarios to play out.
If red or yellow happen I will incur a third loss on this idea, which isn't too bad because I'm risking small amounts.
The winner I'm expecting is going to be anywhere from 30-150R so will just be looking to re-enter again on a valid pattern.
So expectancy is still 10-50R on this idea which is majorly positive even after 3 losses.
I'd have to incur at least 30 losses to have a neutral expectancy.
The pink zone is potentially an area to take partials, however I will consider leaving the whole position on depending on the momentum going into that zone. If it is strong then it's not likely to produce a positive continuation up and so will leave the position running until $67.
Note
I'm not short term long bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.