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
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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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.