In my previous post I mentioned several scenario's and now it is more clear in terms of what to expect. The bearish move in Oil boosted our USDCAD long but now I will start really focusing on trading Oil.
I showed 3 strong zones in the chart, 42-38-35. I expect to see a response to all of these zones and will therefore be trading these levels from lower time frames. I will take partial profit at intra day targets and move the rest of the position to break even. I think that Oil is making an ABC correcting on the higher time frames with wave A at 51.5 and wave B currently in progress. So this is why I will keep 50% on the table once I start buying because I see 60 as minimum target IF we see the reversal.
Follow me for updates because I will update once price hits these zones because oil will most likely present trades for both bulls and bears in the near future.
www.timstuyts.com
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I showed 3 strong zones in the chart, 42-38-35. I expect to see a response to all of these zones and will therefore be trading these levels from lower time frames. I will take partial profit at intra day targets and move the rest of the position to break even. I think that Oil is making an ABC correcting on the higher time frames with wave A at 51.5 and wave B currently in progress. So this is why I will keep 50% on the table once I start buying because I see 60 as minimum target IF we see the reversal.
Follow me for updates because I will update once price hits these zones because oil will most likely present trades for both bulls and bears in the near future.
www.timstuyts.com
www.facebook.com/wwwtimstuytscom/
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First possible trade set-up.
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I adjusted my wave count to a better fit of recent price action. If price consolidates on lower time frames after Friday's response to 40.60 I will buy the third leg higher. Keep in mind that I'm looking for a continuation towards 60 once this correction from 51.50 ends and therefore will keep 50% open once price hits my daily targets in case price breaks higher from here. (keep an open mind)
