US OIL active trade - short
Updated
Thanks for viewing. My feeling is that this trade is coming to an end (currently 60% up in this trade - yep I can't change from the x100 leverage on my platform, which is a bit much IMO). I can plausibly count 5 waves down. Wave 5 is the shortest so I have prepared 2 scenarios for the short-term.
1. The move has completed, in which can I will hit my stop for +35%, or
2, wave 5 is going to extend, so after a brief abc rise, sub-waves ii, iv, and v will form to my target area or below (for +85 or more).
Why am I not closing by market execution? I have a tendency to take profits too early so am trying to take a risk (while locking in profits) on further moves in the direction of the trade (for as long as it is plausible). I am a bit 50/50 on this one, and I would imagine that it is more likely that the move has finished. But let's see how it turns out. I will let the market decide.
Good luck everyone... this recent decline comes after a rather strong bounce, so there are some bulls in the background.
1. The move has completed, in which can I will hit my stop for +35%, or
2, wave 5 is going to extend, so after a brief abc rise, sub-waves ii, iv, and v will form to my target area or below (for +85 or more).
Why am I not closing by market execution? I have a tendency to take profits too early so am trying to take a risk (while locking in profits) on further moves in the direction of the trade (for as long as it is plausible). I am a bit 50/50 on this one, and I would imagine that it is more likely that the move has finished. But let's see how it turns out. I will let the market decide.
Good luck everyone... this recent decline comes after a rather strong bounce, so there are some bulls in the background.
Trade closed: stop reached
of for wave b and then wave c. I will probably wait until wave c to re-enterNote
Back in short from $52.40... up 12% so far, looking for a possible 20 to 25% for wave 5. I got stopped out (for 45% profit) on wave 4 because I put my stop too close. Will try to place my stop slightly better (and more clear) next time.Note
Snuck an extra 32% to make me up on USOIL by 67% since friday night.Note
Should have let ride a lot more though, oh well
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