Oil (WTI): 7 bearish candles!! Harmonics and trendline re-test..
The broken "up" trendline has not yet been re-tested and we've had 7 bearish candles (8th one started bearish too) in a row so we should be up for some correction soon...
3 possible long positions to get a possible good entry for an up correction are on the chart.
The first one could be coming up soon! Confluence of fib extensions with the 40.00 round level make for a good setup imo. Tight SL and target the point where PA re-tests the broken trendline (not fixed).
In a perfect world the time ranges of the possible harmonic moves should relate closely so I've included time and price ranges for the possible retracement from the first entry level, this tells me that it is likely to bottom in the beginning of next week and it'll take approximately 1 week to re-test the broken trendline, but we'll see... So maybe 1 or 2 more bearish candles (including the one we just started) and the down move should be over.
In case we go further down I've identified 2 other potential good entry levels based on popular harmonics fib. ext. levels.
The lowest entry is at a previous structure low.
All have tight stops and excellent R/R, targets will be adjusted according to where PA takes us. If only one out of 3 works there is still a good profit chance! And if none work..., well then good money management will still keep the risk at bay!
If we retrace back up to the trendline today or tomorrow then all bets are off and it's back to the drawing board!
3 possible long positions to get a possible good entry for an up correction are on the chart.
The first one could be coming up soon! Confluence of fib extensions with the 40.00 round level make for a good setup imo. Tight SL and target the point where PA re-tests the broken trendline (not fixed).
In a perfect world the time ranges of the possible harmonic moves should relate closely so I've included time and price ranges for the possible retracement from the first entry level, this tells me that it is likely to bottom in the beginning of next week and it'll take approximately 1 week to re-test the broken trendline, but we'll see... So maybe 1 or 2 more bearish candles (including the one we just started) and the down move should be over.
In case we go further down I've identified 2 other potential good entry levels based on popular harmonics fib. ext. levels.
The lowest entry is at a previous structure low.
All have tight stops and excellent R/R, targets will be adjusted according to where PA takes us. If only one out of 3 works there is still a good profit chance! And if none work..., well then good money management will still keep the risk at bay!
If we retrace back up to the trendline today or tomorrow then all bets are off and it's back to the drawing board!
تعليق:
Going well: partial profit taken and SL at BE!
