FX:UKOIL   CFDs on Crude Oil (Brent)
The position to be immediately executed is short UKOIL due to the fact it is trading near a previous resistance level which is seeming to be a good market structure level to enter from. The RSI again is not very helpful in conformation but the MA shows us that the price is trading above and therefore price could potentially need to let off steam before continuing up. In addition if we use the bodies of the candles focus of our analysis rather than the wicks it could be said that a double top is forming and for that reason we would want to set a TP near the region the price came from. The wicks can be used as SL areas to give a good Risk to Reward 3:1 in addition further moves south will be captured by the pending order which was placed earlier.
Feb 13
Trade closed: stop reached: Failed trade, great for reflection.
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