Buying Oil corrective leg in Wedge formation
accumulate limit long for 1/2 contract size as follows
limit 10k buy @ $36.00
limit 10k buy @ $35.90
limit 10k buy @ $35.80
limit 10k buy @ $35.70
limit 10k buy @ $35.60
limit 10k buy @ $35.50
Target for all @ $37.80
No stops - prepare to hedge shorts @ $34.00. Risk : Reward, about 1:1.
Don't chase the market. If you miss the trade, remember its a Friday, and you might not want to close the week on a bad note.
Take Care & Stay Safe
limit 10k buy @ $36.00
limit 10k buy @ $35.90
limit 10k buy @ $35.80
limit 10k buy @ $35.70
limit 10k buy @ $35.60
limit 10k buy @ $35.50
Target for all @ $37.80
No stops - prepare to hedge shorts @ $34.00. Risk : Reward, about 1:1.
Don't chase the market. If you miss the trade, remember its a Friday, and you might not want to close the week on a bad note.
Take Care & Stay Safe
Note
All lots should have filled last Friday, to an average = $35.75If Stops had not been raised to B/E (break even +comm) since Friday, & position stopped out on market open - Asia.
Close 1/2 position size at current market value ($35.60) for a small loss = -$45, to reduce unnecessary risk.
Place SL on Remaining position (30k) at $ 34.90. lower TP to $37.50
Take Care & Stay Safe
Note
Stop loss hit over night for remaining 1/3 contract portion at -$255 loss ($34.90-35.75) X 0.3 size.Take care & Trade Short
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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.