XOM - 9:1 or another drop?
Fellow traders please manage your risk, i will never risk more than 1% of my capital on a trade and i seriously urge you do to the same!
I watched Exxon Mobil
XOM very carefully in the past few days and spotted a possible entry.
The structure of the last few days looks like a Wave 1-2-3-4 and we already corrected to the 0.5 retracement.
Because of the risk/reward of 9.0 i just opened a long position, beware that this is a risky move and i normally don't trade in this short timeframe.
I am trading with a guaranteed stop loss order (GSL), if the price should drop heavily in the pre-market session.
Primary scenario: Likelyhood 55%
We are forming a solid 3-4 setup and are setting us up for Wave 5 which will bring us to 35$.
Alternative scenario: Likelyhood 45%
My alternative scenario will get triggered if we break the previous high of wave 1 @31.13$.
A further drop of about 10% will be very likely and the future of XOM remains uncertain.
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If you have questions related to a specific stock or the Elliot Wave theory, feel free to contact me.
I watched Exxon Mobil
XOM very carefully in the past few days and spotted a possible entry.The structure of the last few days looks like a Wave 1-2-3-4 and we already corrected to the 0.5 retracement.
Because of the risk/reward of 9.0 i just opened a long position, beware that this is a risky move and i normally don't trade in this short timeframe.
I am trading with a guaranteed stop loss order (GSL), if the price should drop heavily in the pre-market session.
Primary scenario: Likelyhood 55%
We are forming a solid 3-4 setup and are setting us up for Wave 5 which will bring us to 35$.
Alternative scenario: Likelyhood 45%
My alternative scenario will get triggered if we break the previous high of wave 1 @31.13$.
A further drop of about 10% will be very likely and the future of XOM remains uncertain.
===================================================================================================================
If you have questions related to a specific stock or the Elliot Wave theory, feel free to contact me.
Trade attivo
Trade open as described...Trade chiuso: stop raggiunto
Okay i got a loss of 0.63%, if biden wins the american oil industry is pretty much done.
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.