Oil Long Setup - 3 Levels
🔵 Entry Level: $82.89
🟢 Take Profit: $85.29 (2.26)
⛔ Stop Loss: $81.83
🔵 Entry Level: $81.21
🟢 Take Profit: $84.35 (3.78)
⛔ Stop Loss: $80.38
🔵 Entry Level: $80.31
🟢 Take Profit: $82.83 (3.27)
⛔ Stop Loss: $79.54
Reasons:
1) I've marked the three levels of interest that I have for opening long orders. I will be monitoring each one BEFORE opening a trade, so I don't have them set as limit orders yet.
2) For Level 1 I would like to see a double bottom forming. If it doesn't I am inclined to set a limit for Level 2.
3) I am certainly setting a limit order for Level 3 if I see the other two levels fail, since that diagonal trend line in the ascending channel so far has been well respected. If it doesn't hold up, I will be looking for opening shorts only.
🔵 Entry Level: $82.89
🟢 Take Profit: $85.29 (2.26)
⛔ Stop Loss: $81.83
🔵 Entry Level: $81.21
🟢 Take Profit: $84.35 (3.78)
⛔ Stop Loss: $80.38
🔵 Entry Level: $80.31
🟢 Take Profit: $82.83 (3.27)
⛔ Stop Loss: $79.54
Reasons:
1) I've marked the three levels of interest that I have for opening long orders. I will be monitoring each one BEFORE opening a trade, so I don't have them set as limit orders yet.
2) For Level 1 I would like to see a double bottom forming. If it doesn't I am inclined to set a limit for Level 2.
3) I am certainly setting a limit order for Level 3 if I see the other two levels fail, since that diagonal trend line in the ascending channel so far has been well respected. If it doesn't hold up, I will be looking for opening shorts only.