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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Related publications
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.