Over the past week, oil prices soared and now stands at its yearly high, which is $ 63. Based on the Stop Hunting strategy, there is a potential for a decrease, to at least $ 62.5, where buy stops are located.
So in case of a true breakout, it is profitable to open short positions with targets at $ 57.
Do so to set off a 50% retracement from $ 62.5, and place limit to no more than $ 0.5.
Price Action and Stop Hunting strategies were used to formulate this trading idea.
Good luck!
