BP

Follow up chart 11/12

Closed half today.
SL for the rest moved to below yesterdays low (462.93)


Don't like today's red candle engulfing the whole green body of yesterday's candle
Trade is in profit and RISK FREE

Follow up chart 6/6



trade still on going

To further add to this post - take a look at the Weekly chart below.




Support wise we have hit a clear long term oblique channel. The only issue I have with this is a narrow channel as well as the horizontal resistances above. but to me it looks like a solid Support with varying targets above. Maybe naive to say this, but technically speaking, I just don't see this breaking that oblique support - but I guess in this game, anything can happen.

The below chart is a closer look at the daily and what seems like the potential reversal point.




To me this looks like a possible 1,2,3 formation, but its not as clean a break as I would like, so a look closer into more recent price action via the 1H chart shows me this:




Is this a channel rather than a 1,2,3 breakout? Recent action seems to be showing some resistance at the parallel oblique resistance line. The 15M chart is showing potential double top with bearish diverging RSI.

2 scenario's for me -

1. It breaks out of this mini range confirming a 1,2,3 breakout

or

2. It respects intermediate resistance and heads towards oblique support.

In the case of scenario 2, I would look to go long also with a stop below the recent low.
In scenario 1, a clean break of 463 (Previous R/S level as well as oblique resistance) indicates a potential move to 484 imo.

I H&S 4H chart


Long today @ 458
SL below the gap and matching lows on 5th of july @ 452

Opened above weekly downtrend line, looks like it could be testing it now.

Weekly
dl.dropbox.com/u/21384991/BP%20Plc4.1.w%20%28DFB%29.png

Daily
dl.dropbox.com/u/21384991/BP%20Plc5.1.d%20%28DFB%29.png

Daily Close
dl.dropbox.com/u/21384991/BP%20Plc%205.1...lose%20%28DFB%29.png

Problem have is where to place the stop?