omtrader
Short

Patterns repeat

TVC:USOIL   Crude Oil (WTI)
513 13 9
US OIL             idea
SHORT @ $50.40
Stop loss at $51.64(red X)
Target one green flag at circa $45.5-$46.00
Target two at $39.23.

If target one is successfully hit I will exit full position and re-short on a 50% pullback towards the highs place my stop at the red X again and target, target two @ $39.23

But lets see whether target one is hit.

Its a good risk reward trade as stop is close so if I am wrong my losses are small.
Comment: Apologies, I cant understand why when you click on the chart all the symbols vanish.
Trade active: still short with stop at the highs($51.64)
Comment: Still short, stop in the original place, I have no idea what MASHRU in the comments section is alluding to when he says I was stopped out. My stop as per my original post has not changed and was at 51.64 and this price was not hit. so still short looking for target 1 of circa 46.
Comment: "Pandora" has modified my chart above to showing wave counts, i dont use elliot wave or any wave counting techniques so if his wave counts help you all credit should go to him.
Comment: His wave count chart is below in the comments section
Comment: Still short with stop in original place, looking for target 1
Comment: Trade now not good as stop is close, if stop is triggered I will update.
Comment: Short still open stop in original place and target 1 as above
Comment: still short
Comment: Still short all targets and stops remain the same, thanks for the comments below
Comment: Trade still active.
Comment: Still short one small adjustment is that i may exit the short at 47 instead of 46, for those who are aggressive holding for 46 or less may seem reasonable but until I see the velocity of the move to those levels I may exit a little higher. I will update as we start dropping. Thanks for looking
Comment: Stop triggered, on to the next trade.
lol, you got stopped out today and you are still posting!
I am still short though...my stop was 50.76 and reached within a hair of that, so i know!
+1 Reply
omtrader mashru
How did I get stopped out, my stop is at 51.64 as it says above the highest we hit today pre market was circa 50.8. I have no idea what you are talking about.
I am still short.
You can clearly see my stop was at the high price of the 6/6/16
Reply
mashru omtrader
The high of the day on 7-Oct-2016 for USOIL was 50.72. Dont know what ticker you are using, but you can check the day range for 7-Oct-2016, and you will see the highs at 50.72. Thats what I was referring to.
Reply
omtrader mashru
I agree so how did I get stopped out when my stop was at 51.64 and I shorted at 50.40????
What has 50.72 got to do with my trade.
I think you should read things more carefully in future
Reply
I think you misread my update which said "still short with stop at 51.64" which was my original short. The price like I said went no where near that level. Glad you are still short like me.
Reply
Hmm.. very interesting, tnx. Lets see..
Reply
omtrader Pandorra
Thanks for the feedback, GL to you whether you are long or short.
Reply
I added count. little bit new, check here
snapshot
Reply
omtrader Pandorra
I dont trade using elliot wave or any wave count technique to be honest but if that helps you suing my chart then great.
That may also help others which is great also.
Reply
Either way many thanks for idea you posted as it was in my mind but I cant found.
Indeed it looks like a repating of the bigger pattern from and below 147, now in a small range and in a lower term, from 62 and currently below 2016yr high.
snapshot
Reply
omtrader Pandorra
No problem and yes i see us below 2016 lows and that will be the great buy point for a long term swing long
Reply
omtrader Pandorra
Only issue i have with what you see for the 7-0 is how low it goes i cant see that we go down to 20 or less for me its more like a $25 zone give or take 15% maximum but we are a long way from there so that can be discussed later.
Reply
yes, will wait. not sure I'll take a part in new oil-quake.
perhaps crude crude oil will touch and confirn the bottom or will make a new one only in appropriate front CL contract.
Reply
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