A Minor Reversal Setup On USOIL

Dec 3, 2018

USOIL opened with a massive gap that broke through some resistance lines outlined in the earlier posts. Currently the market participants are seemingly waiting for a pullback to enter limit buys and potentially targeting couple of hundred ticks. This chart shows possible price movements during the next couple of weeks. Limit buy orders around 5225, the top of the previous pullback range, with wider stops seem reasonable for now. It is recommended to reduce the position size to 1/2 and add as the position moves into green territory.

Dec 3, 2018

Trade active

In long @ 5027, a 70 tick stop

Dec 3, 2018

Note

5227*

Dec 3, 2018

Trade closed manually

Not looking good so far. A better entry can be secured later on it seems.