This is a quick short-term bet on the bottoming of the oil price-action based on a price action behaviour. It is possible that the price has bottomed as it has been consolidating and creating a triangle shape in the lower time-frames (see 1H chart).
The RR ratio is looking very positive (above 3) for a trade, assuming price will rebound from this level and not break triangle resistance.
It is a trade that requires active monitoring and management, with adjustment of SL to break-even if price runs bullish and breaks the tirangle resistance to avoid any news related major counter moves, which in this market is always a major possibility.
The RR ratio is looking very positive (above 3) for a trade, assuming price will rebound from this level and not break triangle resistance.
It is a trade that requires active monitoring and management, with adjustment of SL to break-even if price runs bullish and breaks the tirangle resistance to avoid any news related major counter moves, which in this market is always a major possibility.
Comment:
Partially closed for a nice 10% of the position. Left 15% to run its course. If the price goes back down to retest the bottom of what became a very clear downward channel with today's post-publication price action, will get back in, if not, will let this one run for a while and see where it takes us, with SL set for breakeven.