USOIL. Buy current (30.30) Target at 41.00 RR 1:10
Updated
Hello friends!
Last time we got hit on break even level.
So as I assumed in my comment for last idea we retraced almost 78.6% of A in wave B (yellow).
It is very healthy for us as now market should run higher without setbacks.
Entry: At market (30.30)
Stop: Below today's low (29.25)
Target: 41.00 (where wave C = 1.618 of wave B)
Risk/Reward is 1:10
Best wishes!
Aibek
Last time we got hit on break even level.
So as I assumed in my comment for last idea we retraced almost 78.6% of A in wave B (yellow).
It is very healthy for us as now market should run higher without setbacks.
Entry: At market (30.30)
Stop: Below today's low (29.25)
Target: 41.00 (where wave C = 1.618 of wave B)
Risk/Reward is 1:10
Best wishes!
Aibek
Trade active
Comment
Want to share with you intraday chart to show what is happening inside.Comment
Wave 2 (green) overshot 61.8 % Fibo on Energy report.I guess it is over now powerful 3 up!
Order cancelled
Move stop under the low of wave 2 (29.72 was low) to decrease potential loss.Original stop was set at 29.25
Wave 3 unfolded so we can move stop now.
Order cancelled
MOVE STOP to break even ($30.30, at least) or to more comfortable profit level.Enjoy safe ride friends!
Aibek
Comment
Hello traders!First wave up of larger degree has finished.
Now we are in a wave 2 retracement down.
Common level is 61.8% or 30.98 on the chart.
Worse case scenario it can reach 78.6% Fibo or 30.27 on the chart (below our break even)
Let us see!
Comment
Looks like correction in wave 2 down is over. Details are on the chart.Comment
UPDATE. Wave 2 dipped lower to reach 61.8% of wave 1.Other valuable explanations are in callouts on the chart.
Comment
UPDATE. We are at crossroads between channel upside (positive) and break even stop (negative).Illustrations are on the chart.
Trade closed: stop reached
Break even stop reached.
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