Trading 2#: Trading setup for UK oil next week

31 Oca 2016

Brent rebounded strongly from 27.08 to 36.14 within two weeks and touched the 0.382 fib level.

Now the price touched the upper line of the rising channel and met the resistance zone which formed from the previous minor wave iv.
The RSI also shows a divergence. The price needed to go down to compensate the divergence.
But the correction wave does not seem to complete yet comparing wave 2 from time cycle. After the compensation it might go up again.

Trading setup for next week:
1) Go short at beginning of the week if it does not break 36.2 with a small position.
SL at 36.3
TP at 34.4 and 33.2 respectively

2) If the price rejects at 33.2~34.4 support zone and get supported at the rising channel bottom line, go long.
SL outside of the rising channel beased on the support level
TP1 at 36.1
TP2 at 38
TP3 at 39

Good luck for me!

1 Şub 2016

İşlem aktif

I opened a short position this morning when the price filled the gap window at 25.98.

1 Şub 2016

Not

I closed half position when it touched the 34.4. The SL of remaining position was set to 34.8 to keep the profit.

1 Şub 2016

Not

Sorry. The open position is 35.98.

2 Şub 2016

İşlem kapandı: hedefe ulaştı

It touched the support line. I closed the left position.

2 Şub 2016

Not

It gets supported at 32.7.

2 Şub 2016

Not

If 32.7 get broken, the Y wave will be invalid.

3 Şub 2016

Not

The price went back above 32.7! I will wait to see more confirmation.

3 Şub 2016

İşlem aktif

I opened the long position at 33.2.
TP1 at 36.1
TP2 at 38
TP3 at 39

4 Şub 2016

Not

Half position was closed at 35.66. Another half position SL was set to 34.1.