Targets for Oil Shorts.
Last Friday witnessed rejection at the lower Elliot channel boundary.
A 9-wave Elliot extension has now partly completed, and will confirms once negative momentum breaks on the 4Hr frame. (very probable, as there is already trending -ve momentum on the Hr frame ). Amend targets for short holdings as follows:-
Once $36.00 is broken, pace an SL on all holdings (average $37.826) at Break even.
Move Target to $32.50 / $32.00
Re short on bounce from 2nd neckline, re short zone $35.50-$34.50 to target $28.00.
If anyone is following, on the short term and are uncomfortable holding on, they are advised to take profit $35.50/$35.00 - that would be > 2/Standard contract = $2000,-
Take Care & Stay Safe.
A 9-wave Elliot extension has now partly completed, and will confirms once negative momentum breaks on the 4Hr frame. (very probable, as there is already trending -ve momentum on the Hr frame ). Amend targets for short holdings as follows:-
Once $36.00 is broken, pace an SL on all holdings (average $37.826) at Break even.
Move Target to $32.50 / $32.00
Re short on bounce from 2nd neckline, re short zone $35.50-$34.50 to target $28.00.
If anyone is following, on the short term and are uncomfortable holding on, they are advised to take profit $35.50/$35.00 - that would be > 2/Standard contract = $2000,-
Take Care & Stay Safe.
Trade active
Holding 1 standard contract short averaging $37.826Add Short Limits as follows
10k@ 39.90
10k@ 39.80
10k@ 39.70
10k@ 39.60
If filled position average becomes $38.37 for 1.4 standard contract- Risk at $40 is -23% (-$2300). Risk @ 440.50 = -30% (-$2982)
Target same @ $32.50
Take care & stay safe.
Trade active
<$39.60-$39.80> filled, to a contract size = 1.3 averaging $38.25Remove 10k short entry @ $39.90
Risk assessment remains as outlined above. Target remains @ $32.50
Correction:-
"440.50" above should read "40.50" Sorry for the Typo
Take care & Stay Safe
Trade active
The position has reached risk @ $40.50 = -30% for 1.3 contract size on a $10,000 account. So I will work to assimilate half the risk.Place Tp for short holdings $39.60-$39.70-$39.80 @ $39.20
Place Tp for 1 x 10k short acquired at $37.826 also at $39.20
$39.20 is y'day's low, and the lower 1HR BB.
If filled contract size gets reduced to 0.9 at 37.826 average.
Risk @ $40 becomes -$1962 = ~20% on 10,000 account
Targets for 0.9 contract remains the same @ $32.50
Take Care & Stay Safe.
Trade active
There is a Bear Motive on the 1HR chart now doing a wave-3Remove TPs @ $39.20
Holding 1.3 contract shorts averaging $37.826 targeting $32.50
Add Short limits @
10k @ $40.10
10k @ $39.90
All to same target $32.50
Take care & Stay Safe
Trade active
10k @ $39.90 filled to an overall average $37.97 for 1.4 contract size.take the 10k @ $40.10 limit short down to $39.25
TP for all remains @ $32.50
Take Care & Stay Safe.
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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.