BMYWin
Long

Wave of Correction

FX:UKOIL   Crude Oil (Brent)
125 2 2
2016/09/28 OPEC agreed modest oil             output cuts in the first such deal since 2008, then price modest climbing up to the price of 52.82 which it is almost equal to previous high: 52.83 on 2016/06/09. This climbing up lasting around 7 days.

If this is a new up wave from the low of 45.07 on 2016/09/20, to the high of 52.82 on 2016/10/07, then a correction might be target at:
1. 51.20
2. 49.86
even target to around 48.50 to 49.00

We profit taking all of our long position, and we would like to consider to go go long if price reach our estimated correction target. Or if price close higher 52.83, we will go long again.
Thank you for your idea. Please comment - are you going to buy at corection in several portions (partly 51.2, partly 49.86) or to wait till any bullish signal after the price reached mentioned levels?
Reply
BMYWin timson77
Dear Mr. Timson77, thank you for your query.

Daily trading and weekly trading has different position rolling management.

This is our observation:
1. While the price near the price of 51.28, market tested 2 times unable to test low then it could be considered a correction target reach.
2. And further more a price higher than previous high from hourly chart(52.04). It is a confirmation of long position signal.

We confirm to go long and expect the price will go to challenge previous high 54.03 on 2015/10/09 to 54.29 on 2015/08/31(one year ago). Our stop loss is set around 51.85.
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