Crude oil, reversal might be ahead
Updated
It seems like crude oil is finding a bottom within the 44 zone. Both the wave count shown by means of the ABC in blue as the wave count of lesser degree suggests a likely reversal out of the zone shown by means of the green horizontal lines.
It is unclear to say whether this is only the beginning of a bigger correction or whether the whole correction is close to its completion.
IF price accelerates lower breaking below the reversal zone I won't be looking for a buy. However so far both the number of waves as the many overlaps suggest that crude oil is in a correction from the high at 51.50
updates will follow
timstuyts.com
facebook.com/timstuyts
youtube.com/watch?v=HvmWTm4fcl8
It is unclear to say whether this is only the beginning of a bigger correction or whether the whole correction is close to its completion.
IF price accelerates lower breaking below the reversal zone I won't be looking for a buy. However so far both the number of waves as the many overlaps suggest that crude oil is in a correction from the high at 51.50
updates will follow
timstuyts.com
facebook.com/timstuyts
youtube.com/watch?v=HvmWTm4fcl8
Note
I was not able to trade this entry because I was asleep;-)
Nevertheless it all starts with a plan and this started by determining a potential reversal zone and what to expect next. We saw divergence on the 15 min tf from that zone and a 1-2-3 reversal pattern. If you executed the trade you are already up 2.5/1 Risk/Reward and might be already done for the day. No need to wait for closing candles if you know what you are looking for (this is a way to sell a standardized strategy but not a winning strategy). Also by moving to 4 hour candle chart for example the candles differ depending on the data feed your broker is using so you are waiting for a candle to close while your friend in another time zone is banking his profit. Charts show structure and structure shows all the data you need. So whether you use candles, lines or whatever you feel like as long as you know what you are looking at you know how to trade a move with the highest probability possible. Keep in mind that the 1 hour time frame DIDNOT give this kind of entry so when entering on the 15min tf manage the position on the 15min tf before you end up losing a winning trade.
Note
Related publications
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.