expecting more down side until $38

FX:USOIL   CFDs on Crude Oil (WTI)
155 0 14
Ive been short on the lower time frames and will continue to look at the short side until oil             is at the 38 level. At the 38 level we could be at a completion of a corrective flat pattern and I will then look at entries for the long side. Identifying were you are on the higher time frame can be most beneficial to day trading on lower time frames enabling you to only take entries with the trend.
Comment: On the lower time frame I was expecting an extended wave 5 to reach the 38 level.
The current price action may change this view if I see a close above identified wave 4.
Comment: Trying long only one position size.
Comment: progressing well. moved stop to cover my position. risk off trade now.
Comment: moved stop to lock in 0.93% profit and looking to add on pull back.
Comment: trade closed. back to the drawing board... a few possibilities are at play.
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