LONG and SHORT , USOIL

3 lug 2016

Description: As shown above we have USOIL . This future is currently Bearish on the Weekly. Price Currently Around 49.21,

Monthly Indicators
EMA: 20 crossing 200, If 50 crosses 200 , expectation of Future Price to Become Bearish
RSI: Bearish Territory, See Monthly and Weekly


(Weekly) -
Price has been bearish since Oct 2014 to Present
Currently at Major Price Acton
EMA: 20 & 50 Broken 200 EMA (Bullish)
Candles: Current Candle - Bullish Engulfing

Price (September 2015) Attempted to break Previous Weekly Resistance 50.19, Rejection back into Structure Bearish
- 3 Wicks Attempted to Break W trend Line resistance, Rejection.

(Daily)
Bullish Channel Feb 2016 To current
EMA's: 20 % 50 Crossing 200
RSI: Bullish Territory (Over the 50)


Duration: Long Term
Decision: I will short this pair And Long This Pair.

BUY: If the next bullish candle breaks monthly resistance & Monthly Trend Line Resistance, i will look to take a BUY Position around (Prev W Res 50.19) - Stops will be just below (M Res 49.23) (20 EMA) And targets will be at (M Res 51.65) And extended Targets to Trend Line Bullish Channel at 54.67

Entry: 50.67
SL; 48.56
TP1: 51.65
TP2: 54.47

SELL: If price Rejects( M Res 49.23) and Trend Line Resistance, I will wait until price Breaks( M Supp 47.85) And Look for targets into (Prev M Supp 45.85) and extended Targets into 200 Magnetic Support. Stops Just Under( M Res 49.23)

Entry: 47.16
SL: 48.90
TP1: 45.85
TP2: 43.87

Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
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Remember to always trade your strategy

Happy Trading