This was a great move on crude and now we look to establish a position on an pullback to our "Buy Zone". The WEEKLY is setting up for a large move.
Hi Mayur...once it hits our buy zone we will drop down to a smaller time frame to look for a trigger. Once the trade triggers we will use it to define our stops If it blows through our stop then we are stopped and we have patience and wait for another set up. If price blows through the zone with out triggering then we are not in the trade and it's a broken pattern and we ignore it. Thanks
Thanks for the comment jago25_98. We do not use Elliot Wave and am not familiar with the work. We still haven't got involved in this trade. However, we are looking for the opportunity. Our trade plan tells us that pullbacks can be bought. As far as shorting up in this area...we have been trading for 15 years and staying with the trend has always resulted in the biggest gains. We will sell premium (options) if we get over extended but that green light hasn't popped up on our radar screen. Thanks again. Trade well.