CL> I’m at bear until oil shows me otherwise
These are three possible entry positions for a short.
1. Enter at top of down wedge. Pretty safe, and having a nice supply zone just above gives you an opportunity to increase position size if it pulls back to here.
2. Enter on retest of down wedge after it breaks through. This is safe but we are limiting our risk reward, but still very profitable. I would put stop at the top of this down wedge.
3. Enter at supply zone. This is safest entry of all. But also risk missing a down move altogether.
As you can see there is always a trade off (pun intended) by taking different entry positions.
A thumbs up and a follow is always appreciated
Ms. Bunny
1. Enter at top of down wedge. Pretty safe, and having a nice supply zone just above gives you an opportunity to increase position size if it pulls back to here.
2. Enter on retest of down wedge after it breaks through. This is safe but we are limiting our risk reward, but still very profitable. I would put stop at the top of this down wedge.
3. Enter at supply zone. This is safest entry of all. But also risk missing a down move altogether.
As you can see there is always a trade off (pun intended) by taking different entry positions.
A thumbs up and a follow is always appreciated
Ms. Bunny
Trade active:
I did get an entry at 60.93. I have a large risk reward ratio. Though I do trail my stops, I allow generous amount of room for volatility. Let’s, see if I can reach this target price.
Trade closed manually:
Trade closed at 69.12 I’m okay with this profit