Long on Pullback-Respectable ascending TL, retest expected
-Previous resistance now acting as support
-0.5 fib retracement
-MA50 supporting the trend
Pullbacklong
A Minor Reversal Setup On USOIL USOIL opened with a massive gap that broke through some resistance lines outlined in the earlier posts. Currently the market participants are seemingly waiting for a pullback to enter limit buys and potentially targeting couple of hundred ticks. This chart shows possible price movements during the next couple of weeks. Limit buy orders around 5225, the top of the previous pullback range, with wider stops seem reasonable for now. It is recommended to reduce the position size to 1/2 and add as the position moves into green territory.
EURUSD LONGPULLBACK LONG ASSUMING PREVIOUS BULLISH TREND WOULD CONTINUE
STOP: BELOW PREVIOUS LOWS AROUND 1.0630
TARGET: 1.0820
