Using the coming Correction in 3iv
There is a 5 wave motive clear now on the hourly with the above count possibilities.
If you are a conservative trader, it is best to use the conservative count (1-5), and update short limit entries in accordance with the latest update on idea # 15.
If you are some what aggressive use the count (3i-3iii), then market should be doing a 3ii to sell in today. Place limit shorts as foolows
short 10k @ 37.65
short 10k @ 37.7
short 20k @ 37.8
short 10k @ 37.85
short 10k @ 37.9
short 10k @ 37.95
short 10k @ 38.00
With the limit shorts filled on idea # 15, a 1 standard contract should have been accumulated. SL is subjective. TP still at $ 36
Take Care & trade safe
If you are a conservative trader, it is best to use the conservative count (1-5), and update short limit entries in accordance with the latest update on idea # 15.
If you are some what aggressive use the count (3i-3iii), then market should be doing a 3ii to sell in today. Place limit shorts as foolows
short 10k @ 37.65
short 10k @ 37.7
short 20k @ 37.8
short 10k @ 37.85
short 10k @ 37.9
short 10k @ 37.95
short 10k @ 38.00
With the limit shorts filled on idea # 15, a 1 standard contract should have been accumulated. SL is subjective. TP still at $ 36
Take Care & trade safe
Note
All filled to an average of $ 37.84 for 0.8 of a contractplace Sl for 0.3 of amount held at $ 39.40. This will yield a -$468 loss.
Place limit sell orders at
10k @ $ 39.50
10k @ $ 39.60
10k @ $ 39.70
10k @ $ 39.80
10k @ $ 39.90
10k @ $ 40.00
If such orders are filled, the overall position will be 1 standard contract in strength averaging $ 38.80. Tp remains the same @ $36. Sl / Hedge all lots at $40.80.
Take care & Stay safe.
Note
Close 0.3 of 0.8 Contract held short at current market prices ($38.30). This equates to a loss of -$138. There is still a possibility to see a leg "C" in the current correction into <$39.50-$39.8> levels.
So keep the above limit shorts <$39.50-40.00> on station for filling.
Target still remains $36. SL / Hedge @ $40.80
Take care & Stay Safe
Note
leg "C" unfolded & targeted <$39.50-$39.9> levels.limit orders $39.50, $39.60, $39.70, $39.80 should have all filled.
Position average now at $38.64 Raised from $37.84, to a total accumulation = 0.9 of 1 standard Contract.
Target still remains $36. SL / Hedge @ $40.50
Equity projected at 2.34/standard contract. Risk -1.67/standard contract.
Take care & Stay safe
Note
Close 0.3 of currently held contract size to bring down risk on an $10,000 account to 10%. This risk assimilation & position econometrics is elaborated in detail in the comment section of idea #15Closing 0.3 of thee current contract size @ $38.20 equates to a gain = ($38.64-$38.20) = 44 cents / standard contract = $132 in profit for the 0.3 contract size closed. This should about square the -$138 loss already uncured on this position.
For the currently held 0.6 contract size, TP remains at $36.(+2.64/Standard Contract) SL @ $40.50 (-1.86/Standard contract). Risk :Reward here is still low = 1:1.4. Total Risk on account for the 0.6 contract held = -$1116 / $10,000 = ~12%
Take care & Stay safe
Note
Remove limit orders short still active at 10k @ $ 39.90
10k @ $ 40.0
Take care & Stay Safe
Note
Trade almost made target. If anyone is following, I would recommend to close here. Else;- Bring SL down to $28.20/00 - Take profits on 1/2 position, and extend target for the rest till $35.50
Personally, i already collected profits, and won't engage again until $37.50-$37.80 for shorts to $35.50.
Take Care & Stay Safe.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.