Zoen_Trieste
Short

CLJ2019's Anticipated Range

NYMEX:CLJ2019   CRUDE OIL FUTURES (APR 2019)
This is a 10H chart of CLJ2019 , which will be trading until it expires the 20th of March. The Gann Box tool is squared to the high & low range of this contract; from the 7601 peak to the 4300 bottom. There are also the 45º and 15º angle lines coming from various highs and/or lows. As shown in the chart, the oil price is currently approaching the 150 day EMA , it has increased from the 4300 low by a third and the 1/3rd area coincides with 150 day EMA .., and all this is happening after it saw a record breaking plunge of ≈45% from its 7601 peak. Traders who held short risk exposure through that 33%+ rise from the low are likely to take profits at these levels. The reducing of short risk exposure is anticipated to manifest itself in a minor pullback of 200+ ticks at least. Shorting the pops seems to be the reasonable approach from here. The risk factor for short entries is $1.3K (130 ticks) per contract with a potential of 2R return for risk.
Trade closed: target reached: Almost $1K profit, which corresponds to 0.77R return on risk. Partial profit by closing 1/2 @ 0.77R. Stops of the remaining 1/2 modified to cost. A 0.38R guaranteed risk free trade.
Trade closed: target reached: Remaining half @ 1.3R, a return of 1R on the full position at this point, $1.3K profit.
spot on !
+1 Reply
@Jespervz, lovely when it all works out as anticipated.
+1 Reply
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