USOil: Is It Done Dropping? Or Is There MORE To Come?
Updated
Last month, I published a report on USOil where I said "USOil: Will We See $30 Again?". Since then, we have seen Oil plunge back down and finally hit $39. So not quite the $30 that I was hinting that it might get to. Now, do I REALLY expect it to hit $30? Well, that might be somewhat extreme but not outside the realm of possibilities.
In any case, this drop in Oil while may have surprised many, did not surprise me at all. I was expecting it although admittedly, not the strength of the drop. We traded the drop after my report was released and we pocketed over +500 pips on it but we got out too soon. No matter. Profit is profit and I will never complain about making profit.
So about Oil....
We are currently LONG in Oil and already in profit (this post is NOT to tell you about this LONG trade). Wait...didn't I just talk about how Oil could drop to $30? So why am I LONG now? One of the aims of wave trading is to find the impulse waves and trade those. Well, in my wave analysis, we entered LONG on the wave c of wave iv as you see on the chart after it had broken the downtrend trading channel it was in, went up and then came back down to retest that channel. It failed. We confirmed that this was most likely a wave iv correction in progress and that it was entering into it's wave c of the correction. Wave c's as you know are impulse waves. So that is a summary of how best to use wave analytics to find a good trade. Other traders here know how to do this as well but they won't teach it to you here. BUT...the REAL objective we have in mind is yet to come....read on......
So I am now posting this to let you know ahead of time that there is another chance to come to profit from further drop in Oil. In this chart above, I am showing that the wave count has this move back up as only a wave iv of the larger degree wave (iii) down. So yes, that means that Oil is STILL in a wave (iii) down. So if you missed out on catching this wave (iii) before, you can still catch it's tail end.
You've been warned!
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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
In any case, this drop in Oil while may have surprised many, did not surprise me at all. I was expecting it although admittedly, not the strength of the drop. We traded the drop after my report was released and we pocketed over +500 pips on it but we got out too soon. No matter. Profit is profit and I will never complain about making profit.
So about Oil....
We are currently LONG in Oil and already in profit (this post is NOT to tell you about this LONG trade). Wait...didn't I just talk about how Oil could drop to $30? So why am I LONG now? One of the aims of wave trading is to find the impulse waves and trade those. Well, in my wave analysis, we entered LONG on the wave c of wave iv as you see on the chart after it had broken the downtrend trading channel it was in, went up and then came back down to retest that channel. It failed. We confirmed that this was most likely a wave iv correction in progress and that it was entering into it's wave c of the correction. Wave c's as you know are impulse waves. So that is a summary of how best to use wave analytics to find a good trade. Other traders here know how to do this as well but they won't teach it to you here. BUT...the REAL objective we have in mind is yet to come....read on......
So I am now posting this to let you know ahead of time that there is another chance to come to profit from further drop in Oil. In this chart above, I am showing that the wave count has this move back up as only a wave iv of the larger degree wave (iii) down. So yes, that means that Oil is STILL in a wave (iii) down. So if you missed out on catching this wave (iii) before, you can still catch it's tail end.
You've been warned!
Does this kind of analysis help you with your trading? Want more in-depth analysis of markets like this? Just subscribe to my website and you will get in-depth analysis, commentary, intraday updates, access to private chat rooms, REAL-TIME trade recommendations and trade updates and more!
Half-price trial offers are still available! Ask me how!
Faceb00k: goo.gl/Mb81w7
Website: efxselect.com to subscribe
Join my Skype chat room! It's FREE (requires registration): Skype link: goo.gl/2fwvsa
Documented Trade Log here: bit.ly/29AeqnC
*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Note
LONG trade is now +210 pips in profit. Setting a trailing stop to lock in profits. It is now approaching the MAJOR DT TL. Watch the PA from here for some kind of reaction. If it breaks and closes above, then could go higher before dropping again.Note
CLOSED TRADE @42.84 for +220 pips profitIt is now at the TL as predicted it would get to. If rejected, we go back down. Will be looking for the SELL setup
Note
Oil is still working in corrective wave (iv). After which, back down it goes....invalidation above $46.00
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