I haven't posted for some time, but I have a (new) short position on CLM (June) which is why I am using CL2!
My current interest is this rising wedge.
I opened my short on the confirming bar of the 27th. I was expecting 3 to 5 bars down, thinking it would break and look for previous support at 62, but it was well supported at 64.
Higher Highs and lows would suggest more upside ... and it might, but, imo, the shortened bars are lacking conviction, which is why I am still in.
So the purpose of this post is really for the newer traders. Have a plan and then have another plan.
I will exit on a close above 65.40 (just above older swing high). But the wedge encourages me to risk this larger loss against the potential of my original plan and a larger profit. A wedge break should see a minimum close of sub 64, and a new lower low, which then also opens the potential for my original exit at 62 (next support after 63) and change.
This 3rd bar has been shortening while I am writing this, and my concern is quitting too early on slippage. But it is not trading/expecting hope or luck. It is trading a belief in a pattern and history and myself.
"Forecasting is very difficult and especially so, if it is about the future", Danish Proverb
... just another 2c worth ...
My current interest is this rising wedge.
I opened my short on the confirming bar of the 27th. I was expecting 3 to 5 bars down, thinking it would break and look for previous support at 62, but it was well supported at 64.
Higher Highs and lows would suggest more upside ... and it might, but, imo, the shortened bars are lacking conviction, which is why I am still in.
So the purpose of this post is really for the newer traders. Have a plan and then have another plan.
I will exit on a close above 65.40 (just above older swing high). But the wedge encourages me to risk this larger loss against the potential of my original plan and a larger profit. A wedge break should see a minimum close of sub 64, and a new lower low, which then also opens the potential for my original exit at 62 (next support after 63) and change.
This 3rd bar has been shortening while I am writing this, and my concern is quitting too early on slippage. But it is not trading/expecting hope or luck. It is trading a belief in a pattern and history and myself.
"Forecasting is very difficult and especially so, if it is about the future", Danish Proverb
... just another 2c worth ...
