WTI is Setting up for Another Rally
Updated
USOIL has gone through a bullish impulse wave due to OPEC's meetings.
The news but the price has failed to "sell the news".
It has formed a potential Elliott triangle correction.
The Plan:
I will take 50% of my profit on the first target point as shown in the chart and move the stop of the other 50% into the breakeven (entry point).
The other 50% is for getting to the higher target.
The news but the price has failed to "sell the news".
It has formed a potential Elliott triangle correction.
The Plan:
I will take 50% of my profit on the first target point as shown in the chart and move the stop of the other 50% into the breakeven (entry point).
The other 50% is for getting to the higher target.
Note
We are hitting the top of the triangle, we will likely see resistance hereNote
We have broken the top of the triangle. At this stage, I am moving my top to the Break Even point.We want to see the price hold and consolidate above the triangle.
Note
The trade looks healthy, we have continuation of the breakout.We are stalling at 60 as it is a good psychological resistance.
Remember to move your stops to breakeven. Protect your money.
Note
Manually selling 50% of the position here at USOIL = 61.68, take profits.Happy trading all.
Note
Closing the rest of the position. I'm not liking the price action and the rising wedge.We made great profits. Happy Trading all.
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