Fading Short Setup

A potential fading short setup coming up it seems. There is a $850 risk per contract and a 3:1 reward for risk. The levels are given on the chart.

Nota

Always close 1/2 of the position when there is an equal amount of reward to risk and let the other half run on cost. A guaranteed 0.5R trade.

Nota

Remaining 1/2 closed at cost. 0.5R return on the full position.

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Next angle at 5280-5305 area, watch for signals around there for a potential short setup

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USOIL 5H

At the next angle here. Looking for limit sell entries with stops above 5375 look reasonable at this point.

Trade attivo

Short @ 5305 with a 70 tick stop, 1R-3R targets

Nota

Price action seems to be favouring long risk currently. The short entry is justified so far.

Nota

Limit buy order @ 5235 to close 1/2 of the position

Trade chiuso: obiettivo raggiunto

Order filled. 1/2 of position closed @ 1R, modified stop to cost @ 5305 for the remaining 1/2, 0.5R return guaranteed.

Nota

2R target for the remaining 1/2 @ 5165, 3R target @ 5095.

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USOIL 5H Follow Up

Nice rejection around the +25% of the 4234 low, the 7/8th of the current range and most importantly the next angle line

Nota

At 2R target the remaining half but the price action is quite bearish, wanting for further downside after which the stop will be modified to 2R point @ 5165

Nota

Stop modified to 5165, at 2R. Getting filled will result in 1.5R return trade.

Trade chiuso: obiettivo raggiunto

Trade closed with 1.5R return @ 5165

Nota

2R return on the two fading short entries setup these last two days.

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