If we see oil hit the 47.99 handle before the close on Friday, we can expect a sizeable rally to take place. If we do break above the monthly resistance above, validating this signal, the targets are, in order of probability: 58.21, 65.63 and 80.67. Right now, this would appear like a mad man's delusion, but, it's what the chart shows as logical, and probable if all trade parameters are followed. The next step, if you took the long when I called it, is to let the trade run, for the next two weeks, examining activity to validate the uptrend, or discard it.
Stay tuned for updates,
Ivan Labrie.
Komen
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Leave a comment below if you caught the entry from my previous 2 ideas.
Komen
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We hit the range expansion threshold today in the weekly chart. Daily close was right above the Jackson Hole key level, so we have good odds of continuing higher. Good luck!
Komen
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We'll add to USOIL by Friday Price has to hit 51.76 within the next 3 weeks (including this one), target is over 58...
Komen
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Daily target for today might not get hit:
We can either close half, or simply wait and add if it dips.
Dagangan aktif
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The weekly chart has a valid long setup here, stop at June 24th's daily low (Brexit). 2.72R potential or more. Risk 0.5-1%
Komen
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Holding this position for the long term. Additionally I'm taking swing trades without closing it.
I am long as well and find your idea very interesting. I am still largely in my education phase a lot so have nothing of value to add here, but just that I have followed you and look forward to your updates!
IvanLabrie
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Cool, thanks for the comment.
When did you enter? Followed my previous post setup?
If so, we can hold patiently for now. Good luck to us all.
SharkbaitAl
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I bought in on the re-test of yesterday's bullish pit close around 46.65. I had a tight stop loss and it worked out well. Unfortunately I had not seen your other ideas or would have saved another buck. But better late than never, looking forward to seeing how this plays out (patiently, lol)
IvanLabrie
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Yes, that's a good entry still.
It shouldn't really go back under the blue box (monthly mode resistance).
SharkbaitAl
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Thanks Ivan, I will keep my eye open for that range...I actually had 47.25-46.75 marked as a potential resistance zone so pretty proud of myself lol.
IvanLabrie
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Good, you can find a few patterns on your own, but it needs a lot of forward testing, to find a workable method.
So it's either that, or using someone else's system.
SharkbaitAl
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Yes I have learned that the hard way unfortunately...a month or so ago it cost me nearly all of my profits from the previous 3 months to realize I had been on a good streak but still very much a beginner. So it's been back to learning and publishing private ideas for the purpose of forward testing, taking only a few small positions when my set-up is confirmed by other reputable members or when the risk/reward is very good. I still have a long way to go but I am excited for it.
IvanLabrie
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You will find it's a balancing act: r/r vs win rate, vs amount of trades generated per X time period. The system part, then the execution is a whole different level.
Good luck, if you have any questions let me know.
SharkbaitAl
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Thanks, that is a helpful way to look at it. Luckily I enjoy math (I am actually currently a math teacher) so kind of enjoy doing these calculations/analyses! I appreciate your comments/feedback and your offer. Good luck to you as well, I will keep in touch -- Alex
IvanLabrie
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Cool, well, the method I use, is largely derived from statistics in a way, and in psychology and observing connections between fundamental events and repeatable chart patterns. But, the statistics is a big part of how you apply the trading system, and how to account for its performance, so you have a nice headstart there. :)
Cheers!