XOM - 9:1 or another drop?

٣ نوفمبر ٢٠٢٠

Fellow traders please manage your risk, i will never risk more than 1% of my capital on a trade and i seriously urge you do to the same!

I watched Exxon Mobil XOM very carefully in the past few days and spotted a possible entry.
The structure of the last few days looks like a Wave 1-2-3-4 and we already corrected to the 0.5 retracement.
Because of the risk/reward of 9.0 i just opened a long position, beware that this is a risky move and i normally don't trade in this short timeframe.

I am trading with a guaranteed stop loss order (GSL), if the price should drop heavily in the pre-market session.

Primary scenario: Likelyhood 55%
We are forming a solid 3-4 setup and are setting us up for Wave 5 which will bring us to 35$.


Alternative scenario: Likelyhood 45%
My alternative scenario will get triggered if we break the previous high of wave 1 @31.13$.
A further drop of about 10% will be very likely and the future of XOM remains uncertain.

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If you have questions related to a specific stock or the Elliot Wave theory, feel free to contact me.

٤ نوفمبر ٢٠٢٠

تم فتح الصفقة

Trade open as described...

٤ نوفمبر ٢٠٢٠

أغلقت الصفقة: تم الوصول لوقف الخسارة

Okay i got a loss of 0.63%, if biden wins the american oil industry is pretty much done.