Thanks for viewing. My feeling is that this trade is coming to an end (currently 60% up in this trade - yep I can't change from the x100 leverage on my platform, which is a bit much IMO). I can plausibly count 5 waves down. Wave 5 is the shortest so I have prepared 2 scenarios for the short-term.
1. The move has completed, in which can I will hit my stop for +35%, or 2, wave 5 is going to extend, so after a brief abc rise, sub-waves ii, iv, and v will form to my target area or below (for +85 or more).
Why am I not closing by market execution? I have a tendency to take profits too early so am trying to take a risk (while locking in profits) on further moves in the direction of the trade (for as long as it is plausible). I am a bit 50/50 on this one, and I would imagine that it is more likely that the move has finished. But let's see how it turns out. I will let the market decide.
Good luck everyone... this recent decline comes after a rather strong bounce, so there are some bulls in the background.
Trade closed: stop reached
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of for wave b and then wave c. I will probably wait until wave c to re-enter
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Back in short from $52.40... up 12% so far, looking for a possible 20 to 25% for wave 5. I got stopped out (for 45% profit) on wave 4 because I put my stop too close. Will try to place my stop slightly better (and more clear) next time.
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Snuck an extra 32% to make me up on USOIL by 67% since friday night.
Nice catch on this trade during a sideways move. You are on fire
Zaiteku7
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Good decision. Lock in a gain then let it ride. More than once I have closed out a strong in the money move just to see it go wayyyyy further than I imagined. That’s actually my guiding principle, markets will continue further and longer than I ever expect. Your trading analysis is very good, your trades are fearless and your logic is sound. You will prosper. Next week will be pivotal for crude and the us equities.
flyinkiwi10
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@e12568, Thanks man, that is the plan. Anyway, I saw your last post on gold was in May. You picked that price drop well, what about posting again? I just spent an hour on the gold chart (I'm not sharing that one) and wouldn't mind getting your opinion.