USDWTI shorter term LONG
Updated
Analysis:
I've seen USDWTI trade out of its downward channel (reversing from a significant 2hr level)
It has currently created/in the process of creating, its wave 1
Hypothesis:
I am looking for a wave 2 pullback to the purple reversal zone where I have indicated by the blue arrow.
Price should bounce from this area and create its wave 3.
A bounce at this level after a abc correction should produce a impulsive wave higher (wave 3) similar to the wave 1.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
I've seen USDWTI trade out of its downward channel (reversing from a significant 2hr level)
It has currently created/in the process of creating, its wave 1
Hypothesis:
I am looking for a wave 2 pullback to the purple reversal zone where I have indicated by the blue arrow.
Price should bounce from this area and create its wave 3.
A bounce at this level after a abc correction should produce a impulsive wave higher (wave 3) similar to the wave 1.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
Trade active
Trade is now live: Will continue to monitor on the 1hr chart.
Comment
Ideally I would like to see price have difficulty staying in my buy zone.Because it is taking soooo long to leave the area... I am recommending taking 1/2 of the position off at entry price.
This will decrease your risk if price falls to our stop.
Comment
Update:
If you used the exact numbers here for the stop, you may have been hit, or you may have not been filled.
My stop was actually 2 ticks away from where price reached.
This update is for those still in, we have reached 1:1
we can take half off and let the rest ride.
Comment
Also you should be at Break Even with the remainder of your trade.Trade closed manually
Remainder of trade closed automatically at Break Even.Disclaimer
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