Oil is showing the classic Wyckoff pattern here... I'm expecting the trend to continue into the lower 50s, and then see a minor pullback to begin the flag process around 51.10-51.30. From there we should see a bullish flag, and once it breaks, I'm expecting it to head to 56.7, with 56 being the minimum. TP 1 for a conservative approach would be 51.10, but my TP will be 56.7. Here goes nothin
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Have been adding in as this daily candle has dropped; weekly candle looks amazing right now, and where we are closing is not too shabby at all
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Closed all my positions for now, some in blue, some in red, waiting for daily close
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forgot to add the active part, but going well so far
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this TP might be 55 vs. 56.7, depending on the broker feed. I think my broker price is a little higher than some, and a little lower than others. but structure remains the same, and 55 is a safe long term TP. TP 1 almost there (51-51.15 depending on broker)
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Stops moved to breakeven after the rise. Took profit on scalps, and if longer term ones get stopped out, will look for better entries
i did not say it is not gonna happen, it might happen, but you went too far, as you said too early.
sebalis884
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@truecristi27, Absolutely did, no doubt about that haha. Saved more entries for that dip, so now I'm just waiting.
truecristi27
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you went too far!
sebalis884
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@truecristi27, haha you mean too early? I put an entry in before the drop and have been scaling in for the "swing" lol
sebalis884
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@truecristi27, Also, this doesn't accurately reflect my SL area either haha, that red box for me is for the higher lot entries. I will know if I'm wrong based on structure invalidation and will close at that point