Dear Traders
As I mentioned before about the analysis of Oil . In this moment we are in Wave 5 of total movement. Wave 5 includes 5 waves which are 1,2,3,4, and 5.
Wave 1 in wave 5 started on July 30th 2020 15:00 GMT and this wave finished on August 5th 2020 16 GMT . After that wave 2 started which is a regular flat wave. The wave C of the second wave will finish at rate: 41.15. Because of spread I will take the range between 41.25 and because of shadow to 41.05.
The low and high frequencies of market still need time to get together in one point so probably today or tomorrow market will reach to our point and from tomorrow up trend will start.
Summary:
The range of buy limit: 41.25 ~ 41.05 I will set 3 buy limits with the volume of 0.02 for each with $1000 equity.
Take Profit 1: 46.92 but because wave 3 also includes 5 waves we can have our first TP at rate: 43.36 then market will back to 42.00 then you can have new position at this rate and TP2: 45.56. After that you need to wait for 44.71 and take the other position and set the TP3 At rate: 46.92.
After TP3 wait until wave 4 finished which is at rate 45.60. I will update you in future for the structure of waves.
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