Betting on a fall in WTI oil, the plan yesterday was to continue selling crude, completing the ABC pattern formed on the trading chart.
However, oil closed with a bullish absorption, which contradicts the earlier signals in the trading instrument.
Thus, instead of earning about 120 pips in the first target, a loss of about 50 pips was realized.
Because of this, what we should do now is to cancel the short scenario, as well as to completely change the scheme in trading.
Of course, we can still use Price Action or Stop Hunting strategies, however, we have to mind the risks since trading in this market is very precarious. Nonetheless, right approach or strategies do give quite a decent profit.
