This was a trade taken based on yesterdays daily shooting star candle on Oil, also called an inverse hammer candle.
It was just too tempting not to have a go at this risky trade. The stop loss and target were very clear from the outset so it was a very clear Risk Reward trade.
See the shooting star candle on the daily chart below. Normally you would trade the break of the low of that bar, however I used the H1 and M15 chart for my moving average crossover entry.
My apologies for the odd looking charts, I am trying to remove anything that complicates my descision making process.
The H1 chart is below.
M15 chart below shows the 123 entry and the 15 min candle and white MA closing through the yellow MA.
I left this trade on overnight. Closed 75% at 85.90 when I got up this morning, Oil is generally a fast mover and I had hoped my target would have been hit during the night.
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