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Cl1!long

CL1! LONG - active tradeHi, thanks for viewing. Just sharing my trade. Entered late on Friday because I saw wave (i) and (i) but was watching something else when wave (iii) started. Ended up entering on a wave ii retracement of wave i - as I was anticipating - based on wave i that wave (iii) was going to be extended (as it didn't reach 1:1 of wave (i). I was super lucky to catch it right at the 0.618 fib level. of wave (i). I was 4.5% up when the market closed for the weekend and realised on Saturday I had forgotten to put a stop loss on (I put a SL on 99% of the time) - luckily things went the right way. I put one on this morning that will lock in a minimum of 25% profit if things go bad. I will raise this if an when price action allows but will hold off for a while. Currently 130% up - yay me. Joining wave (iii) wouldn't be a bad idea if you are looking for an entry. That or joining for wave (v). There were murmerings of a reduction in production being considered this week by OPEC in the news last week. While that isn't why I entered, it certainly didn't hurt. Clearly the market was and is anticipating that - hence the big gap up. I hear on here people say that "gaps are always closed", yeah I guess so... eventually. Never understood what the relevance of that statement. Gaps just indicate a strong trend - normally found in wave iii of wave 3. My tentative target is $56.91 for a 6x gain (thanks to scary levels of leverage). If that happens it will definitely be my best trade in my limited trading experience. However, I will close the trade based on a MACD cross-over strategy on the daily time frame as things may go a bit higher - as we have recently seen; when the market trends - it really trends. Wave (v) being extended is a possibility, Normally, I trade 100% on technical factors but I guess this had a little fundamental thrown in. The main factor was that by my EW count we were starting to set the foundations for a bounce after an extended down move that was super difficult to get a good EW count on. I find CL1! difficult to trade due to the $ per pip change - so any move against you can hurt a lot. Anyway, I'm happy to let this one ride for a while. Thanks for viewing and good luck everyone and protect those funds. Apologies for any typos and my use of the minuette and subminuette EW, which is purely arbitrary. All I am trying to show is 2 degrees of wave action on smaller one larger.
NYMEX:CL1!Long
by flyinkiwi10
7
Crude bullish RSI divergence after deep correctionThanks for viewing. I'm not into fundamental analysis - so we could have complete crushing overproduction and oversupply of crude and I wouldn't know. I'm just looking for a potential bounce to go long. So I just posted to point out a potential EW count and strong bullish divergence displayed by the RSI. It could go a little lower but the spring is coiling and there will be a significant bounce when it comes. Still, I will be waiting for confirmation and haven't decided if I will miss wave A yet and will wait for wave C up. Happy trading and protect those funds people.
NYMEX:CL1!Long
by flyinkiwi10
CL long to 70Last week prices initially showed signs of equilibrium between 64.6 and 65.8; Based on last weeks close a Weekly Inflection has been created at 66.10 and if we see volume move above this level then I will look for my first target at the next high Weekly Inflection at 67.35; and then target near the next high Weekly Inflection above that near 70.51, with a TP of 70.25. Entry: 66.10 (Prices are in this zone so the Entry is Active) Target Price 1: 67.35 Target Price 2: 70.25 SL: 64.20 Good trading all!
NYMEX:CL1!Long
by taiwaiyu007