Update on position portfolio in ideas 15 & 16.

Short Holdings should have been adjusted to ~ 1/2 standard contract per $10,000 account.
the strategy on the position is outlined above.

take Care & Stay Safe

Note

I will try & Compile a short position for 1 standard contract as follows:-
10k @ $37
10k @ 37.10
10k @ 37.2
10k @ 37.30
10k @ 37.40
10k @ 37.50
10k @ 37.60
10k @ 37.70
10k @ 37.80
10k @ 37.90

Target $35.50, No stop loss, but will Hedge > $38.50
Position average ~ $37.45 Risk = -$1050/ standard contract. Reward = $2000/ standard contract

Take Care & Stay Safe

Note

The compilation of short entries still stands valid as listed in the last comment.

If you scroll the price bars on the chart above, I expect price to test the black neck line & fill the entries. There is more than sufficient negative momentum on the hour chart to warrant bear trend continuation, if this neck line test is made.

The market is currently doing a wave-X correction, that could theoretically run all the way up the 1-2-3-4-5 (Red structure) counted above i:e- up to $40. However there is also a broadening wedge formation (to be shown on the next idea #18). This should limit price spikes as far as $38.60, so $40 - should not be seen.

However, the broadening wedge changes our risk management module:-

If price breaks > $39.00, I will compile another long (1) standard contract between $39.00 -->$40.00, (shown on idea # 19) this will take the average price of the 2 long standard contracts to $38.5 & enable gradual closing of the overall long position, (at this average price), as prices fall back on a re-test of the black neck line.

So Remove the above hedges at $38.5, & NO SLs for time being.

Finally, as the market is currently doing a wave-X upward correction, longs could be compiled between, $35.35-$35.80 to target $37.50 - This would be a counter trend trade, and usually I don't take these. I will however, post in a separate idea, if I do change my mind & take it.

Apologies for the long commentary - hope its coherent

Take Care & Stay safe

Note

"If price breaks > $39.00, I will compile another long (1) standard contract between $39.00 -->$40.00, (shown on idea # 19) this will take the average price of the 2 long standard contracts to $38.5 & enable gradual closing of the overall long position, (at this average price), as prices fall back on a re-test of the black neck line."

Correction:- insert "Short" instead of "long", wherever you find "long". SORRY - Typo mistake

Note

Sell 1/5 of a contract @ market = $36.70.
All pending limit orders remain valid.

Take care & Trade Safe

Note

<$37.0-$37.10-$37.20> shorts filled + 20k shorts @ $36.70, all composing 1/2 standard contract to to an average = $36.94. Take TP down to $31.75. NO SL as per strategy outlined under idea # 18.

Keep limit sell orders <$37.3-$37.90> running valid to fill.

Take care & Stay safe

Summerset

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