USDWTI shorter term LONG

Analysis:

I've seen USDWTI trade out of its downward channel (reversing from a significant 2hr level)

It has currently created/in the process of creating, its wave 1


Hypothesis:

I am looking for a wave 2 pullback to the purple reversal zone where I have indicated by the blue arrow.
Price should bounce from this area and create its wave 3.

A bounce at this level after a abc correction should produce a impulsive wave higher (wave 3) similar to the wave 1.


Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.

Trade active:

Trade is now live:

Will continue to monitor on the 1hr chart.

Comment:

Ideally I would like to see price have difficulty staying in my buy zone.
Because it is taking soooo long to leave the area... I am recommending taking 1/2 of the position off at entry price.
This will decrease your risk if price falls to our stop.

Comment:

Update:
If you used the exact numbers here for the stop, you may have been hit, or you may have not been filled.
My stop was actually 2 ticks away from where price reached.
This update is for those still in, we have reached 1:1
we can take half off and let the rest ride.

Comment:

Also you should be at Break Even with the remainder of your trade.

Trade closed manually:

Remainder of trade closed automatically at Break Even.