mattlowden
Short

Shorting $USOIL

FX:USOIL   CFDs on Crude Oil (WTI)
157 views
6
After an extraordinary rally for $USOIL today the pair is approaching the top of an ascending wedge within which it has been trading for several weeks.

I'm planning on entering short at the top of this wedge and taking profit at the monthly pivot with a tight stop just above the monthly R1.

I feel this offers a great risk/reward but I would to hear anyone else's opinions this $USOIL trade.

Comments

OMG I hope you kept it to 38!!!
Reply
mattlowden ElPatron.Y
I had a few more shorts along the way, missed the top by a couple of dollars :)
Reply
Thats what i call having balls of steel. shorting such a rally?.. I honestly wish you good luck though
Reply
mattlowden PapaAboo
I still think that $USOIL is going higher but in the meantime I'm quite happy to short, lock in some profit and monitor the trade adjusting as necessary :) I will set SL to break-even if & when we close below 104.00.
Reply
PapaAboo mattlowden
the price retraced. My hat's off to you sir :)
Reply
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