Oil Market doing extended -3

2 Jun 2020

The market is doing an extended wave -3 - probably to fill the gap on charts to $40-$42
Always buy the small support ledge that forms between <38.2%-61.8%> pending every minor motive wave that extends on the 1hr chart (can be Elliot detailed on the 15 min)
Accumulate to close all at $40
Currently compile 1/2 contract longs at:-
10k $36.10
10k $36.05
10k $36.00
10k $35.95
10k $35.90
10k $35.85

SL / Hedge at $ 34.50 (-$1.5 away on average). TP @ ($4 on average)

Take Care & Stay Safe.

2 Jun 2020

Nota

all filled at $ 35.98 average.
Bring TP down to $38.50

3 Jun 2020

Nota

Take SL to break entry + comm (on average ~ $36.04)
Add 1/2 contract longs to following accumulation
10k @ $36.90
10k@ $36.80
10k @ 36.70
10k @ 36.65
10k @ 36.60
Target for all holdings $38.95

Take Care & Stay Safe

3 Jun 2020

Nota

SL hit on longs averaging $35.98 at break even + comm
limit longs between <$36.9-->$36.6> filled to an average $ 36.73
Close all longs @ market - Currently at $ 36.75 = break even or small minimal loss on commissions.
It seems that the max swing to take profits on intra-week is between $1.5-$2.0, higher targets ($40 would be monthly, & require taking more risk on the position
Will stand down for better levels to long short in current correction.

Take care & Stay safe