Boon2
Long

USDWTI M15 Wave C up or start of the larger correction?

FX_IDC:USDWTI   U.S. DOLLAR / WTI CRUDE OIL
WTI has had a pretty big run down, over extended and much lower than I had anticipated!

H4 we have internal bullish divergence .

H1 we have regular bullish divergence .

M15 I'll be waiting for confirmation of more upside to come before buying against the invalidation point, 1st targeting the 100fib.

H1 TL still not broken and there is no confirmation Z wave down is over so wait for confirmation before jumping on it.

This could be the start of the larger correction up or total reversal so it's worth taking this buy if you get a signal!

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Nov 23
Comment: Were got a more complex B wave and price may break the low taking out stop's for the regular flat. If price break's the low we will either see a running or expanding flat.

It's a deep B wave at this stage so I can't see the larger correction up going from here so I can pretty much rule that out but it can happen so can't totally rule it out at this stage so......

So where to from here, One thing is for certain, we will get at least the C up even if low get's broken. If we get the break of the low we will also be more certain that were in correction and more downside to come and can rule out the larger correction up from here.

If your in the buy and have SL just under invalidation point keep the SL and target 100fib, those not in the trade wait for next signal.
Nov 23
Comment: For those that are not in the trade you can wait for impulse up, breaking the TL and a bullish flag to confirm more upside. Take the buy targeting the 100fib against the invalidation point, If the invalidation point gets broken before giving you a buy setup leave it alone, structure has changed and I will put out new idea.
Nov 23
Trade closed: stop reached: All stop's been taken out. Change of structure, I think we may get running flat for more downside. I will be sitting aside until I see the next setup, I'll post new Idea when I do.

Comments

What is WTI?
Reply
Boon2 staringatskyline
@staringatskyline, West Texas Intermediate (WTI) In a nut shell WTI is the US crude oil market. Most FX broker's provide it to trade in the commodities section along with Gold, Silver etc.

Hope this helps
Reply
@Boon2, ahhh ok!
Reply
Boon2 staringatskyline
@staringatskyline, Here's a link to Wikipedia for more info if you wish to read more into it. https://en.wikipedia.org/wiki/West_Texas_Intermediate

WTI like Gold is a very liquid market and can be quite volatile, as a trader this is ideal. That's why I like to trade WTI along with it usually giving nice structure's and tradable flag's.
Reply
@Boon2, I'll have to check it out
Reply
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