Oil Short - Possible move subject to channel breach
bearish flag channel breach on Jan 3rd, puts the possible pole drop to green arrow. a second bear flag channel breach also has a pole drop which coincides with potential move
Trade closed: target reached:
target reached
Trade closed: target reached:
just to explain a little.. after the red channel (flag) breach, the price didn't re enter the channel, instead resistance at 82.4x held, where the price then dropped and continued to make LH and LL until it reached 68.x (the target area)
if the price re entered the channel, the breach was effectively cancelled and the trade had to wait until the channel was breached again.
it did drop a few dollars below the target, but then it climbed and established an uptrend so happy with the target close, although i hadn't anticipated it taking as long as it did on this longer term trade.
Shorts were added at every 1hr pullback/resistance level where a higher price was rejected
if the price re entered the channel, the breach was effectively cancelled and the trade had to wait until the channel was breached again.
it did drop a few dollars below the target, but then it climbed and established an uptrend so happy with the target close, although i hadn't anticipated it taking as long as it did on this longer term trade.
Shorts were added at every 1hr pullback/resistance level where a higher price was rejected