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GOLD (XAUUSD) Looks Very Bearish! Here is Why after a sharp bullish movement on gold yesterday on the hourly chart, the price stabilized and was quite weak during the US session. analyzing the price action we see a sequence of lower highs and bullish reactions from 1885 setting equal lows. it is a classic descending triangle formation and it is a bearish biased pattern. in case if bears manage to close below its horizontal support on hourly, the price will drop. first goal will be 1872.5 if we set a new higher high higher close on hourly, setup will be invalid.
FX:XAUUSDShort
by VasilyTrader
20
Update on Oil ShortsExpect the ending diagonal (whose strength I had previously underestimated) to continue until ($42.20-$42.50). This should then complete the uptrend in wave 3v or a wave-5. Currently holding 0.8 contract short averaging $37.52. Amend (10k) entry short limits from < $41.40-> $41.80 > zone to the < $42.30, $42.40, $43.50, $43.60, $43.70 > each entry at 10k to a total of 50k in all. Position average becomes $39.43 to a size = 1.3 contracts with average risk @ $42 = -3340 ~ -33% on a $10,000 account IF SHORT ENTRIES FILL, place TP for <$42.30->$42.70> at $41.05 Also place TP for 0.2 contract size ($37.52) at $41.05 position size then diminishes to 0.6 contract averaging $37.52 at a total risk -$3000 = -30% at price level $42.50 DON'T PLACE SLs Tp for 0.6 contract remains at $34 as per target on chart above. DO NOT get greedy & hold to the added shorts at <$42.30-$42.70> to target $34. If/when momentum confirms reversal to the diagonal formation, we could re-add shorts on the way down. Note that as things stand we have almost doubled the risk level on the account from -15% to -30%, even though the contract size has diminished by almost 50% Take Care & Stay Safe
TVC:USOILShort
by Summerset
Update on Oil ShortsExpect the correction to be concluding in an ending diagonal formation as shown on chart. There is still a mild chance to see <$39.3/66> in a spike of leg-e, though I don't think it will materialize. Hold shots averaging $37.52 <36.70-38.40> for a 1.2 standard contract size to target $32.50 Add 30k short entries @ $39.30/40/50 (if / when seen). If short entries at $39.30/40/50 are filled, take out 30k off position @ $37.80 to reduce risk. Good Luck. take Care & Stay Safe
TVC:USOILShort
by Summerset
7
Update on Short Entries & Implementation of Risk AssimilationAll short limits should have filled to a short holding of 1.2 standard contract - averaging $37.325 Position dynamics explained on chart. I will be implementing the Risk Assimilation matrix outlined on the chart (Black box). This is a money management technique used to securing a position without the use of stop losses. Currently place limit sells at 10k @ $38.20 10k @ $38.30 10k @ $38.40 Place limit TPs @ $37.00 for 30k of short holdings, ONLY If ABOVE LIMIT SHORT ENTRIES ARE FILLED. I will strictly adhere to the following Risk Management requisite:- Over all position Risk on a $10,000 account will be held between (-12%to -15%). reward from ($37.5 entry --> $32.5 target) around +50% on a 10,000 account. Take Care & Stay Safe
TVC:USOILShort
by Summerset
4
Buying Oil corrective leg in Wedge formationaccumulate limit long for 1/2 contract size as follows limit 10k buy @ $36.00 limit 10k buy @ $35.90 limit 10k buy @ $35.80 limit 10k buy @ $35.70 limit 10k buy @ $35.60 limit 10k buy @ $35.50 Target for all @ $37.80 No stops - prepare to hedge shorts @ $34.00. Risk : Reward, about 1:1. Don't chase the market. If you miss the trade, remember its a Friday, and you might not want to close the week on a bad note. Take Care & Stay Safe
TVC:USOILLong
by Summerset
4
Using the coming Correction in 3ivThere is a 5 wave motive clear now on the hourly with the above count possibilities. If you are a conservative trader, it is best to use the conservative count (1-5), and update short limit entries in accordance with the latest update on idea # 15. If you are some what aggressive use the count (3i-3iii), then market should be doing a 3ii to sell in today. Place limit shorts as foolows short 10k @ 37.65 short 10k @ 37.7 short 20k @ 37.8 short 10k @ 37.85 short 10k @ 37.9 short 10k @ 37.95 short 10k @ 38.00 With the limit shorts filled on idea # 15, a 1 standard contract should have been accumulated. SL is subjective. TP still at $ 36 Take Care & trade safe
TVC:USOILShort
by Summerset
4