I may set a limit order for this trade. Just scrolling through my charts, I see a potential here. Ok so, price has hit a support area on the daily after quite the sell off. A "High Wave" Candle has developed, traders will take notice of that. There has already been a Bullish push up, I would want to see relax a bit. Dropping down to the 4 Hour chart we have a chance to get into a long on a small retracement. The trade (potential) offers a nice Risk/Reward. I do also see MACD divergence on the 4 hour chart. Oil is not for the faint of heart, risk management is important...anything can move aggressively, but oil being so geo-politically sensitive, I use extra caution.
That's my approach, 1% Risk 2:1RR - Happy Trading!
That's my approach, 1% Risk 2:1RR - Happy Trading!
Note
I was in a long (was running well) and now have looked to enter a small scalp to the short side. I am quick to change my mind. I look at the weight of evidence in a trade and change often, tomorrow is also inventory numbers and I try to get out before those. Historically, I suffer the greatest losses when I try to "force my will/bias/opinion) upon the market.The reason I have changed is a rapid run down and now posting a nice pullback. I will go to break even quickly and happy to have even tried.
.5% Risk, 2:1RR - Happy Trading!
Note
and now...I'm looking to long again...I just chase price around all day, right just enough to make it all worth it. Nice Hammer posted in the 4 hour at a support zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.