If you followed my posts from yesterday, you'll see that I was looking for another bearish WW to form.
WW contracts overall were down -$350 this AM (Africa time).
Follow the numbers and see that my first choice for WW 4 retraced back to a double bottom.
This made me suspicious and so I looked for another WW (orange numbers). Even though I sold at that point.
Made pt 5 but on very weak volume - 6 contracts, then made a double top with volume up to 33
Still suspicious, then on 15 min TF noted a smaller WW requiring only one tick to complete.
When it reversed at 1457.30, I sold another contract at 1457.0. Volume peaked.
As I write this price is at 1456.0 - chart lags by 10 minutes. Volume picking up look for another retrace.
My down -$350 is currently -$38
Last post of the day.
Lessons learned
1. Trade only one item with care
2. Incorporate volume into WW analysis
3. Always expect a retrace, which may go to 0.786, 1.0 or even 1.27 - I'm still watching for one in this trade
Thanks for listening
WW contracts overall were down -$350 this AM (Africa time).
Follow the numbers and see that my first choice for WW 4 retraced back to a double bottom.
This made me suspicious and so I looked for another WW (orange numbers). Even though I sold at that point.
Made pt 5 but on very weak volume - 6 contracts, then made a double top with volume up to 33
Still suspicious, then on 15 min TF noted a smaller WW requiring only one tick to complete.
When it reversed at 1457.30, I sold another contract at 1457.0. Volume peaked.
As I write this price is at 1456.0 - chart lags by 10 minutes. Volume picking up look for another retrace.
My down -$350 is currently -$38
Last post of the day.
Lessons learned
1. Trade only one item with care
2. Incorporate volume into WW analysis
3. Always expect a retrace, which may go to 0.786, 1.0 or even 1.27 - I'm still watching for one in this trade
Thanks for listening