Oil price may breakout

May 19, 2017

Price seems to be stalling on the one time frame with the formation of a recent inside bar from the recent uptrend. Volume is decreasing which also confirms price is stalling. History shows when an inside bar forms in the middle of a trend and declining volume, price may breakout in either direction. I have placed a long and short trade because I am not sure which direction price will go. I will keep both orders open so if a false breakout occurs and prices moves the opposite direction a second order will be opened and hopefully profit from the breakout.

May 19, 2017

Note

short trade opened, then price reversed and stopped out. Long trade opened.

May 20, 2017

Trade closed: target reached

Long trade closed at target. The loss on the short trade was less than the gain on the long trade resulting in profit.