Corner Trade 14 X RISK

This corner trade has now revealed itself. With a clear wash and rinse into structured support. Waiting for price to come back into a buy order and a structured stop below. This proposed trade will offer 14 X return to risk levels.

Buy order set at 2.64 with a current stop of 2.45
Current Targets Selling 50% of position at each are:
Target 1 at 4.52
Target 2 at 6.22
Expected Profit: 2.73
Loss: -.19
Risk/Return (2.73/.19)= 14.37 X

Comment:

Caught the trade entry at 2.70 after missing the initial corner by .01$ Price action opened with another "wash and rinse" which I bought the fear. Current position. Waiting for price action to reveal the new stop and price progression.
New oil draws have boosted the trade action in my favor.

This entry was adjusted based on immediate market structure revealed showing that the price action respected the median line and may confirm the corner.

Comment:

Corner has not been entirely confirmed. Nor has the Median line. Previous deep price structure will be tested. This is the valley! When and where the buyers show up remains to be seen.

Comment:

Price action has traded sideways for most of the month. Today is the first day price action has peaked through the first area of resistance. 2.45 was a brief low, the 2.5 floor mostly held so far. Sliding parallels reveal more. Waiting for a new shelf to reveal itself so the stop can be moved up. The trade is still in the valley and price action ended on a high. If price follows the median line path it will reach the mid point if not the top of the median line. For now the trade is working. Patience with a purpose is very helpful to me in trading.

Comment:

11% return on a trade entry of 2.7 in one month is reasonable. Optimally 2.5 would have been a better entry, but this is good enough. The stop on this trade was never hit, but it came very very close.