A bit earlier, the EIA crude oil stocks report was released to the public, capping this week’s inventories cycle. The number came in on the low side, bringing short-term bulls to the table in force. However, immediate buying gave way to bearish action amid robust participation.
For the rest of the week, I will be looking at scalps to the long from above the 62% Macro-Wave Retracement at $66.85. With an initial stop at $66.72, this trade produces a tidy 10-13 ticks using a 1:1 or sub-1:1 risk vs reward management plan.
For the rest of the week, I will be looking at scalps to the long from above the 62% Macro-Wave Retracement at $66.85. With an initial stop at $66.72, this trade produces a tidy 10-13 ticks using a 1:1 or sub-1:1 risk vs reward management plan.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.