USOIL Long - 9 Feb 2017

Been busy with work.... manage to rush out this trade and journaled it...

Background:
- Bullish reversal candle formed off resistance turned support area and 50MA support @ 51.4
- Price have been in consolidation between 51 and 55 after the up trend
- So this is a consolidation trade, buying at consolidation low and selling at consolidation high

Entry:
- Buy stop set 20 Pips above candle high @ 52.75

SL:
- set at 50% of the candle @ 51.9 (slightly below 51 round number)

PT:
- set before 55.0 round number at 54.8

Note:
- Might not be a "A" setup as there is only one bullish signal candle

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Updates - 10 Feb 2017:
- Set up triggered with yesterday bullish candle
- It seems like the support mentioned is working.
- Will hold on to this trade to pay attention to any bearish action upon reaching the consolidation resistance

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Updates - 11 Feb 2017:
- Yesterday price closed a bullish candle. It is now reaching a significant level of 54 which we see multiple price rejection since early dec 2016.
- I do think that i will need to adjust my PT from 54.8 to 54 to remove unnecessary risk

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Updates - 18 Feb 2017:
- The week started bearishly and managed to reversed upwards near the top part of the rectangular consolidation.
- Will hold on to this trade, aiming PT of 54.