Crude Oil trade comes good

Well I was able to enter the Crude Oil trade last night…  seems that the market closes for a couple of hours and reopens at 11.00pm UK time. I entered as soon as it was open and got a price of 9342.

You can see from the chart that resistance there showing selling..

I showed the lowest price of today which would have netted 172 points but it’s impossible to know when the trend is going to end and you need to give the trade enough room move.

However, by using the 15 minute charts, I was able to get an exit…

How do you know when to get out? Well, as you know downtrends are a series of lower low and lower highs and you wait for the pattern to break. You can see this with the strong two green candle bars taking out the previous lower high in the trend. I waited to see if the market would fall lower but where you see the arrow, you see a spike where support was present driving the price higher. I actually got out at 9226 which is 56 points away from the lowest point of today but as I said.. it’s impossible to get the optimal trade.

Still, I am left with 116 points today which makes it a fantastic week with 3 winning trades so far coming back into trading after a few months!

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Category: Oil, Trading