US OIL- Pt.2- Patience is the key
Updated
In our previous post we explained how we believe that oil still needs to complete a cycle wave 2 in the area 57-60, where the 61.8% fibo retracement and the upper trendline of a big descending broadening wedge stand.
We then took a potential short opportunity at 75.8@, but we were kicked out at entry and we believe that the correction in wave ii of C of (Z) still has to complete higher, when the golden fibo level of i coincides with the level for which a=c. We are then waiting 78.14 to restrike.
We then took a potential short opportunity at 75.8@, but we were kicked out at entry and we believe that the correction in wave ii of C of (Z) still has to complete higher, when the golden fibo level of i coincides with the level for which a=c. We are then waiting 78.14 to restrike.
Trade active
Observing the price action at the 50% fibo, we decide to anticipate our short entry at 76.713. Stop loss is at 78.4 for 0.5% equity risk.
Trade closed: stop reached
stopped out loss 0.5% Waiting to restrikeTrade active
restriked @78.5 stop loss @79.5 risk 0.5% of equityTrade closed manually
Closed half for 0.2% loss. Updates in part 3
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