Crude Oil and Elliot Wave

In 2017 when I resumed my trading with commodities I was quite fascinated with Crude Oil. Without knowing any fundamental(other than Inventory data day) and little bit technical analysis I started to trade in crude.


Like any other gambler, I was successful in my earlier trades, that I did with mini lots. I earned 5000 to 6000 rupees. Later I had to face losses. Now I know where I was wrong in my trades. I wish I could have got the Elliot wave earlier.

2019 When I was wrong in Trade because I was against the Elliot Wave:
First of all I did not have the practical knowledge of Elliot wave that time.
One of the WD Gann follower/trader from kanpur said on his You Tube videos that January is very bad for Crude. I short the Crude and in the beginning I got profit because it was end of wave three and starting of corrective Wave 4. I did not know this that time so I kept my self in short in Jan and Feb. I  was in little bit profit.

This little bit profit forced me to go in short again in the march series. This month was the high of impulse wave  5. I shorted one call and 12 mini lots. One point of time I was in Loss of Rs.30,000 so I quit and closed all the positions. After few days, I again shorted 20 Mini lots to cover the losses. With the Grace of Sai baba the corrective wave A started and that wave made me 50,000 in a single day.






Now check the Elliot Wave Chart that I made after the completion of wave A. If I studied the Elliot wave earlier then I could have made tons of Money.





After this fall of wave A, I started to read the book "Five Waves to Financial Freedom" and now I could predict and trade the wave C shown in this chart. On 23-05-2017 It started again the wave 1 on hourly chart that I traded and earned and could anticipated the end of wave two and start of wave three.

So Till Today 25-05-2019 I am long with 8 mini lot and shorted one PUT of 4000.

Now you may understand the meaning of my two statement that I given in my previous blog:

1. If a trade with good technical analysis comes in favor then it means the trader has taken the trade in the direction of the Elliot wave. It does not matter if you can see that wave or not. I am not talking about some magic but I am talking about the Elliot wave formation in the lower or higher time frames.


2.If  a trade with good technical analysis goes against you then it means you have taken the trade against the direction of the Elliot wave. 








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