Oil: Long, looking for a deeper correction
closed this position at 75.20. Profit(pips)= - 95
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I am long oil from current levels, as price is retesting the near term broken resistance, which might turn to a support now, in addition to the broken falling trend line. Settling back below 75.80 may weaken this setup.
Best of luck. Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
========================================================
I am long oil from current levels, as price is retesting the near term broken resistance, which might turn to a support now, in addition to the broken falling trend line. Settling back below 75.80 may weaken this setup.
Best of luck. Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
==================================================================
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
