I believe some profit taking is imminent in the coming weeks and a right handle is forming (ie. downwards) and then it would breakout of the cup base line (support) before breaking out to touch the 618 FIB level which is the 66.8 price zone.
Please note that oil is a volatile stock so if strongly advise to have a bigger SL or reduce your position size if you are not confident of your own strategy. It can goes up fast and falls just as fast too! Trade safely, always use SL and when SL is hit, tell yourself it is OK, analyse what went right and what went wrong.
I had on several occasions got stop out and was disheartened to continue the same pair and only to find out hours later it had went according to my analysis. So sad :( I have also learnt jumping from one pair to another just because the SL got hit is not a good strategy but rather a guesswork hoping something would work.
Don't give up too fast, trading is a long term game and it rewards those with patience! I think schools should start forex trading as some kind of game for the young students and help fortify their character strength through it. We are living in a instant gratification society where the demand for speed is getting higher and higher.
Slow down to speed up !
Please note that oil is a volatile stock so if strongly advise to have a bigger SL or reduce your position size if you are not confident of your own strategy. It can goes up fast and falls just as fast too! Trade safely, always use SL and when SL is hit, tell yourself it is OK, analyse what went right and what went wrong.
I had on several occasions got stop out and was disheartened to continue the same pair and only to find out hours later it had went according to my analysis. So sad :( I have also learnt jumping from one pair to another just because the SL got hit is not a good strategy but rather a guesswork hoping something would work.
Don't give up too fast, trading is a long term game and it rewards those with patience! I think schools should start forex trading as some kind of game for the young students and help fortify their character strength through it. We are living in a instant gratification society where the demand for speed is getting higher and higher.
Slow down to speed up !
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We can draw the logical arrows , down up down up but you notice the price action moves upward nevertheless though not according to our patterns. It does not matter so long it goes the bullish way we want it. Congrats to those who follow
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oil spilling out from this cup, need a bigger one :)
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after 2 months, price is still charging ahead nicely.