Oil Buy Order
Entry: $52.61
TP & RR: $53.79 (3.37)
Stop Loss: $52.26
REASONS FOR THE TRADE
Price is breaking through the upper trendline and unless this is a fakeout I expect it to continue going up until the recent highest high and maybe up until the dotted resistance around $54-$55. The market Flow indicator is showing momentum up and I hate to open a position against it, so I am definitely not shorting anywhere around the current level or unless the indicator shows otherwise.
The only thing I may suggest is for you to change the SL if you are afraid you might get stopped. I have the tendency to place it quite far from the entry, but this time I am taking a bit of a risk. It's your call here.
Entry: $52.61
TP & RR: $53.79 (3.37)
Stop Loss: $52.26
REASONS FOR THE TRADE
Price is breaking through the upper trendline and unless this is a fakeout I expect it to continue going up until the recent highest high and maybe up until the dotted resistance around $54-$55. The market Flow indicator is showing momentum up and I hate to open a position against it, so I am definitely not shorting anywhere around the current level or unless the indicator shows otherwise.
The only thing I may suggest is for you to change the SL if you are afraid you might get stopped. I have the tendency to place it quite far from the entry, but this time I am taking a bit of a risk. It's your call here.