{"id":10878,"date":"2010-07-07T08:35:09","date_gmt":"2010-07-07T12:35:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10878"},"modified":"2010-07-07T08:35:09","modified_gmt":"2010-07-07T12:35:09","slug":"spot-crude-oil-breakout-trade","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/07\/07\/spot-crude-oil-breakout-trade\/","title":{"rendered":"Spot Crude Oil Breakout Trade"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; The range trading that has trapped the price of spot crude oil  appears to be over as the commodity is breaking out of the consolidation  pattern.<\/p>\n<p>The 15-minute chart for spot crude oil  shows the commodity has been consolidating between the prices of 72.35  and 71.50 for the past 21 hours. Recently the pair broke out of the  range, only to retrace back to the upper line of the range.<\/p>\n<p>This presents traders with a good opportunity to trade a breakout  strategy for spot crude oil. Now that the price has traced back to the  upper line, traders should go long, with a target of approximately 85  pips, which is the distance of the consolidation pattern. A limit order  to take profit would be at roughly $73.20, just below the resistance  line at 73.25.<\/p>\n<p>A protective stop should be used in case of a false breakout, and  placed inside the consolidation range near the level of $72.05.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/07\/Crude-Oil-Range.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/07\/Crude-Oil-Range.JPG\" alt=\"\" width=\"595\" height=\"571\" \/><\/a><\/p>\n<p><strong><em>Forex Market Analysis<\/em> provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex                        Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                        may not be suitable for all investors. There is a             possibility      that     you   could sustain a loss of all  of    your         investment and      therefore  you     should  not   invest   money  that   you      cannot afford to      lose. You  should    be      aware of   all   the    risks   associated with   Foreign      Exchange    trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; The range trading that has trapped the price of spot crude oil appears to be over as the commodity is breaking out of the consolidation pattern. The 15-minute chart for spot crude oil shows the commodity has been consolidating between the prices of 72.35 and 71.50 for the past 21 hours. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/07\/07\/spot-crude-oil-breakout-trade\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Crude Oil Breakout Trade&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10878","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10878"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10878\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}