There wasn't much price movement as we went into the weekend but Crude Oil has had some activity this morning. On Friday we saw a strong resistance level at the 20 and 50 EMAs which signalled the continuation of the downward movement so we took a sell position. That position has now been stopped out at a loss of 187.6 pips.
However our buy position in the same instrument is 281.5 pips in the money, and we have also moved our Stop Loss to 44.24, which is a breakeven level. So there is no further risk on this trade.
Furthermore, if Crude closes very strong, above the two EMAs today we can expect a bullish week. And that means that we might add another buy position.
The two other open positions that we have: GBPUSD (short at 1.2375) and USDCAD (long at 1.3536) are yet to be in the money and it is still OK to enter if one hasnt entered yet.
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