I'm out - After 45% PROFITS!Ok guys, you know that I went long on UKOIL about a week ago, and now I’ll update you about my trade. If you missed my first call on UKOIL, follow me to keep in touch with my analysis and trades. Now, here’s my analysis when I long UKOIL (Apr 28):
Why I long it? Simple, I saw a Piercing Line pattern near a support, and a Double Bottom in the hourly chart. There’s a Piercing Line in the weekly chart too, which would help the bulls to keep going. No indicators, just the candles (as always).
Now, I sold it after it did a Pivot downwards in the hourly chart, as you can see here:
As you can see, a very technical trade, with a nice risk/reward relationship (about 7:1). I don’t know if it will continue going up, but now I’m out because of my own technique. I usually set an exit point under a support after such a bullish move, I think it’s wise and gives me comfort. Now, I can sleep like a baby here.
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.
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* 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. *
