US Oil - Last downward leg
Updated
Hello traders,
as you can see from the chart above, we believe that oil is about to finish cycle ((2)) correction with the last C wave of a triple three (labeled in the chart).
After a 5-leg to the downside (wave A of (Z)), price corrected with a three wave abc into previous structure, that acted as resistance.
Price created a triple top at 82.61, and as per previous post we entered short @81.95. Our stop loss is now on entry and we target the area showed below (57-63) for the end of this 535 in wave (Z) at the golden fibo zone+weekly bearish wolfe wave target.
Will update below.
as you can see from the chart above, we believe that oil is about to finish cycle ((2)) correction with the last C wave of a triple three (labeled in the chart).
After a 5-leg to the downside (wave A of (Z)), price corrected with a three wave abc into previous structure, that acted as resistance.
Price created a triple top at 82.61, and as per previous post we entered short @81.95. Our stop loss is now on entry and we target the area showed below (57-63) for the end of this 535 in wave (Z) at the golden fibo zone+weekly bearish wolfe wave target.
Will update below.
Trade active
retest of structure. added short. stop loss on average entry @80.75
Trade active
First target 74.5. Then will revaluate the price action for other setups keeping half of the position. Final target for this downward move is 63-57 area
Trade active
planning first tp (half of position) at the trendline
Trade closed: target reached
Closed half at trendline @75.68. Profit= 2.6% of Equity.Leavingthe other half roll with stop loss on entry at @80.75
Trade closed manually
Nice reaction at the trendline. Five wave structure completed, but not impulsive: hence we took full profit closing the other half.
Total Profit: 5% of Equity!
Will update for new setups
Note
Breaking down.. we just took profit but.. it happens ;)Good confirmation for our short scenario, planning to re enter short at the next setup!
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trendline held well indeed .. double bottom on it and descending wedge. Scalping long up to the wedge trendline, insurance in case of breakout.
Entry @75.6 sl 75.1 risk 0.5%
Trade closed: target reached
tp reached at the 50% fibo-upper trendline. @77.26 close profit 1.3%!
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now we resume the downside for the next measured move and the biggest picture.
Short entry @77.26 stop loss 78 risk 0.5%
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stop loss on entry ;)
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breaking downTrade active
algo tp hit.Not closing. Holding short for our lower targets. Stop loss on entry at @77.26Trade active
retest upper wedge TL and previous TL. added at 75.6. AVG entry @76.3
Order cancelled
closed on entry on ww upper trendline breakout. targets in chart. waiting for it higher
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zig zag target reached. 61.8% retracement.
short @78.18 sl 80.2 risk 0.6%
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stop loss on entry
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