USOIL Ascending Triangle - Long Position

8 янв. 2021 г.

USOIL Long Order

Entry: $51.04
TP & RR: $52.49 (2.54)
Stop Loss: $50.47

USOIL Short Order

Entry: $51.50
TP & RR: $50.01 (4.14)
Stop Loss: $51.86

REASONS FOR THE TRADE

As you can see I have mapped two potential trades here, but since the first one is Long, that's the center of the analysis here.
What we see is an ascending triangle in an uptrend, so I expect Oil to have an explosive move up (no pun intended). With that being said, I also think that this trend is starting to get a bit exhausted, so if the price breaks down from the lower trendline I will be looking to open a short position. Alternatively, if it reaches the upper trendline I will hedge my long with a short to protect my profits and look for a suitable place to close the losing trade.

8 янв. 2021 г.

Сделка активна

Trade is in good profit now. I am trailing the Stop Loss to entry, so we eliminate any exposure. I am expecting a retest of the upper trendline before continuation.

9 янв. 2021 г.

Сделка закрыта: достигнута тейк-профит цена

Great price development and our target is reached. I know I should have updated the idea, but the short hedge should have been closed when the price started zig-zagging around the upper trendline.

Anyway, even if you had the hedging position open and you lost on the short, you should still be in profit, as this was over 2.5R trade.