Short Accumulation in Oil Futures - Wave 4B

Accumulate shorts into the Right shoulder of the formation
Size = 1 standard contract per $ 10000 Account - distributed as follows

limit short 10k @ $32.50
limit short 10k @ $32.60
limit short 10k @ $32.70
limit short 10k @ $32.80
limit short 10k @ $32.90
limit short 10k @ $33.00
limit short 10k @ $33.10
limit short 10k @ $33.20
limit short 10k @ $33.30
limit short 10k @ $33.40

Take profits 500 pts from each entry. Take profit zone < $27.50 to $28.40 >
SL / Hedge equivalent amount of buy stops 150 points from position average @ $ 34.50
Projected Position average around $32.95

Take Care & Stay Safe.

Commentaire:

All limit shorts filled to 1 standard contract averaging $32.96
Raise Stop loss / hedges to $ 35.10 instead of $ 34.50
This equates to (-$2100) = 21% risk on a $ 10000 account
$35.10 is above the entire motive bear wave on the 15 min T.F
A rise > $35.10 means the current correction is over, and the market could rally to $38-39. Momentum on the daily chart is -ve, and doesn't warrant such a move, - but it could surprise.

Take Care & Stay Safe

Commentaire:

I believe the double H&S top is developing into an ascending triangle, of which legs a-b-c-d have completed. Close all short holdings @ $ 32.00 (Leg- e, should take price to $ 31.80/70)

Take all TPs to $32.00.

The next leg up after breakout from triangle could go to $ 38-39.

Take Care & Stay Safe

Commentaire:

Close all short holdings @ market <$32.88-32.92> > this is at B/E + comm or very small profit. Price made $32.35 & missed our limit TP @ $32

Take Care & Stay Safe

Commentaire:

Its is was best to close out & protect the month's profits by avoiding over trading & unnecessary risk. The current formation is also unclear. It could be a double head & double shoulders bearish formation, or asymmetric triangle - probably bullish formation. So will stand down until formation is confirmed.

Take Care & Stay Safe