I don't know why or what news triggered today's strong move in Oil but what I do know is that last week, before whatever "news" release sent Oil soaring, my analysis had already said to "BUY! BUY! BUY!" Here is my chart analysis I released on August 8th:
You can see there that I projected that prices would be heading higher after the completion of the Bat pattern and prices having tested the PRZ of that Bat and being rejected by that MAJOR SR (D) level that I drew on my chart. That was all the price action that I needed to pull 2 trades based on my wave count that I have suggesting that prices should climb back up to the $60-$65 levels.
Wave Count Analysis
The big move up starting from Dec of last year from $42 all the way up to $66 in my wave count I have labeled as a wave A. So if that was the wave A, then what follows must be a wave B that consists of 3 waves. The move down off the highs of the wave A should be just the 1st of those 3 waves. That 1st wave ended at $50.59 and I labeled that as a wave W. Following a wave W is of course a 3 wave corrective wave X back up. You can see from my labeling that the wave (w) of X and the wave (x) of X both completed. That wave (x) completed with the completion of the Bat and prices having tested that wave (w) bottom and being rejected. That wave (w) bottom was my MAJOR SR (D) level.
So following my wave count, the next logical thing that was to happen was a wave (y) of X up. That wave is an impulse wave.
Putting all that together made it pretty clear that I should buy and that is what I did last week. I sent out the BUY call and told all to BUY. I setup 2 trades: one a shorter term trade that we cashed in today when prices spiked up and hit our TP level and the other a longer term trade that targets that $60-$65 level. My TP as you can see is set at $63.68. And I fully expect prices to reach there.
The move was caused by news coming from the US, they have decided to postpone application of the threats made on china about the trade war.
EverythingForex
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@King_Fumu, Sure. But did you know that in advance? Could you have traded that news BEFORE Don the Con announced it? The point I'm making is that whatever the reason, it didn't matter as far as my analysis was concerned. I placed my BUY orders last week and there was no way I could've known about the news then. TA works. News is hindsight.
King_Fumu
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@EverythingForex, for certain, the ability to effectively trade “those” news could have resulted in charges of insider trading! On the other hand, after an analysis as spot on as yours, one can only be made happy if an action from the Tweeter Lord helped him To TP rather than SL!
EverythingForex
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@King_Fumu, Haha! SEC should check into Trump's trading accounts. But I'm sure he has them well-hidden.