This trade came out very good for me. it followed my projection almost on the nose. It did take a detour and retraced up to a higher level than I initially thought and for a short while my setup became invalid. But I kept watching it and set up again became valid:
here is my initial thought on June 28th:
when price went above black trendline my setup became invalid. But then it dropped below the black trendline and again it became a good set up. all I had to do was wait until my trigger happened and it did when price closed below the parallel channel. (see chart below)
However, this was a false breakdown, and soon price went back into the channel and I closed my trade for a small loss. But price never went above the black trendline to invalidate my setup. If it did my setup would be no good even if it came back down below the trendline. So I waited to see if price broke bottom of channel again. And it did so I entered short and entered at 71.49.
Then price hit my first target but I saw that oil had huge momentum so I didn''t take any profit like normal. But once it hit 2nd target I took 1/3 profit. (I bought 3 contracts). And because of the big black candle I stayed in with my other 2/3rds and it then hit 65.70. I was wondering if oil still had more to drop because of another huge black candle. when I saw price starting to go up again I took the rest of my profit at 66.
so that is it. I will now watch oil more to see what it does. But this now has turned into a huge profit (for me). So what was already a very profitable year so far became even more.
stick to your plan, and take small losses and you can succeed.
Ms Bunny
here is my initial thought on June 28th:
when price went above black trendline my setup became invalid. But then it dropped below the black trendline and again it became a good set up. all I had to do was wait until my trigger happened and it did when price closed below the parallel channel. (see chart below)
However, this was a false breakdown, and soon price went back into the channel and I closed my trade for a small loss. But price never went above the black trendline to invalidate my setup. If it did my setup would be no good even if it came back down below the trendline. So I waited to see if price broke bottom of channel again. And it did so I entered short and entered at 71.49.
Then price hit my first target but I saw that oil had huge momentum so I didn''t take any profit like normal. But once it hit 2nd target I took 1/3 profit. (I bought 3 contracts). And because of the big black candle I stayed in with my other 2/3rds and it then hit 65.70. I was wondering if oil still had more to drop because of another huge black candle. when I saw price starting to go up again I took the rest of my profit at 66.
so that is it. I will now watch oil more to see what it does. But this now has turned into a huge profit (for me). So what was already a very profitable year so far became even more.
stick to your plan, and take small losses and you can succeed.
Ms Bunny
