Correction 3iv

There is enough -ve momentum now on the 5/15min TF to show possibility for an extended correction.
Sell 1/3 standard contract @ $ 39.50 to target $ 36. No Stop loss
Try to accumulate 1 standard contract for an $10000 account.
The entry @ $39.50 will then be the 1st entry, expect to add two more.
That's why there is NO current stop. Stop to be placed after all entries taken on overall lots.

Take Care & Stay safe

Note

Add limit orders short for 2/3 of a standard contract on the current pull back
Short 10k @ $38.7
Short 10k @ $38.8
Short 10k @ 38.9
Short 10k @ 39
short 10k @ 39.1
short 10k @ 39.2
short 10k @ 39.30
Keep short 30k @ $39.50

target all @ $ 36. position average $39.10/20. SL/Hedge @ $ 40.60/70 @ -$1.5/ standard contract. TP @ $3.0 / standard contract

Take Care & Stay Safe.

Note

38.7 & 38.8 should have filled.
keep the above order array <38.90-->39.50>
And add limit short entries as follows
10k 38.40
10k 38.50
10k 38.60
SL same @ 40.60/70 TP @ 36

Take care & trade safe

Note

$38.4-->39.10 all filled to a holding of 0.8 contract averaging $38.75
same stop / hedge @ 40.60/70 , same Tp @ $36.

Take care & Stay safe

Note

Correction -C is expected to be finishing.
All limit sells from $38.40-->$39.50 have been filled to a position average of $39, for a total accumulated position = 1.3 standard contracts on a $10,000 account.

Target $36.=($3 Reward/standard contract) to a total equity increase = 39% on 10,000 account.
SL / Hedge @ $40.70 = (-$1.7 Risk /standard contract) to a total risk = -22% on 10,000 account. Risk : Reward ~ 1:2

Take care & Stay safe.

Note

Close 0.7 of contract size at current market levels <$38.20>. This equates to 80 cents ($39-$38.2) gain / standard contract = $560 / on the 0.7 standard contract closed.

The purpose of closing is to bring down Risk to 10% on an $10,000 account. calculated as follows = (SL @ $40.70- Average entry @ $ 39) = Risk = $1.7/ contract, and actual Risk = -1.7 X 0.6 currently held contract = -$1020 = 10.2% of an $10,000 account.

It is imperative in position accumulation & distribution to always control Risk & assimilate it once it goes above planned pre-requisites. The above previous Risk level at -22% was > my planned pre-requisite conditions in money / risk management.

On the currently held 0.6 contract size, TP remains at $ 36. Sl @ $ 40.70 with a 2:1 reward / Risk ratio.

Take care & Stay Safe

Note

Trade almost made target. If anyone is following, I would recommend to close all shorts 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.

Summerset

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