dojitrader
Long

Looking to Buy WTI Next Week . . .

FX:USOIL   Crude Oil (WTI)
81 5 0
But Where ????
Oil             was looking very bearish but, has broken important resistance
above $96.50 and now new highs above $97.81
and done so with a rather bullish wave count.
So, I'm looking for a place to go long . . .
Perhaps if we get a 5 wave subdivide in this ii/iii wave
the opportunity will present itself
The alternate comes into play if price moves
below $97.00
(Feb into March is also seasonally very strong for WTI)
{Looks like it started early this year, but, I didn't want to believe
the resistance looked soooooooo good - so I'm trying to listen
to what price/charts are telling me now}
Original count is still in play and the hourly and 2 hour candles are trying
to form a hammer. If the hourly completes a second hammer at the top
of the hour I'll be looking to enter long with a stop at 96.73. Should price action reverse
below 96.40 the alternate count becomes more likely with a potential long entry
around 95.00/25. If that breaks then my bullish idea is likely off the mark.
But, I'm not ready to admit that just yet.
Reply
As hoped for, the bullish candles have produced a long entry @ 97.21
so far so good. Stops @ 96.73 with targets as high as 99.75
Reply
Minor resistance @ 97.39 was taken out fairly easily while the next
resistance @ 97.69 is being tested now.
If things collapse at this point I'm probably wrong so moving stops
to break even 97.21 from 96.73
I'll give back .40 but not an additional .47
Reply
Whew !!!
Wow !
A little volatile this morning.
The temptation is to move stops to 96.39, but,
what good is an .18 profit when you're shooting for $2 ?
The chart says wait until a close above $98.00 so
that's what I'll do.
Reply
Now that's what I call a collapse ~~~~~~
And it started off looking soooo goood at just
the right time for a bullish entry.
This probably puts the kibosh on my bullish count
so, it's time to stand aside and wait for price action
to tell the story.
Reply
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