In any case, this drop in Oil while may have surprised many, did not surprise me at all. I was expecting it although admittedly, not the strength of the drop. We traded the drop after my report was released and we pocketed over +500 pips on it but we got out too soon. No matter. Profit is profit and I will never complain about making profit.
So about Oil ....
We are currently LONG in Oil and already in profit (this post is NOT to tell you about this LONG trade). Wait...didn't I just talk about how Oil could drop to $30? So why am I LONG now? One of the aims of wave trading is to find the impulse waves and trade those. Well, in my wave analysis, we entered LONG on the wave c of wave iv as you see on the chart after it had broken the downtrend trading channel it was in, went up and then came back down to retest that channel. It failed. We confirmed that this was most likely a wave iv correction in progress and that it was entering into it's wave c of the correction. Wave c's as you know are impulse waves. So that is a summary of how best to use wave analytics to find a good trade. Other traders here know how to do this as well but they won't teach it to you here. BUT...the REAL objective we have in mind is yet to come....read on......
So I am now posting this to let you know ahead of time that there is another chance to come to profit from further drop in Oil . In this chart above, I am showing that the wave count has this move back up as only a wave iv of the larger degree wave ( iii ) down. So yes, that means that Oil is STILL in a wave ( iii ) down. So if you missed out on catching this wave ( iii ) before, you can still catch it's tail end.
You've been warned!
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Documented Trade Log here: http://bit.ly/29AeqnC
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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It is now at the TL as predicted it would get to. If rejected, we go back down. Will be looking for the SELL setup
Performance Summary & Public Trade Log: http://bit.ly/29AeqnC
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