Here comes a wave pattern that's extremely similar to the one we've just had (on the left). Planning to short around 2.618 fib extension and buy back at 0.618 retracement of the preceding actionary wave. Otherwise would wait for a confirmation of retracement.
Trade active:
Entered an initial position at ~$103 on 6/18, a bit earlier than I planned (fomo'ed).
Maintained an SL above the lower trend line of the rising wedge, didn't get hit on its way up to $108.
Added to my position at ~$99.2 when it was making a new low on 5m timeframe. Not really a great timing in a hindsight.
Current SL set at $101.85, slightly above 0.618 retracement of the recent LTF (5m) downward move from $103.6 to $98.7. In LTF, it's kind of making a HH and a HL. Trying to stay in the game so long as it's an upward retracement rather than a reversal.
Maintained an SL above the lower trend line of the rising wedge, didn't get hit on its way up to $108.
Added to my position at ~$99.2 when it was making a new low on 5m timeframe. Not really a great timing in a hindsight.
Current SL set at $101.85, slightly above 0.618 retracement of the recent LTF (5m) downward move from $103.6 to $98.7. In LTF, it's kind of making a HH and a HL. Trying to stay in the game so long as it's an upward retracement rather than a reversal.
Comment:
Added position at $94.75, SL untouched
Comment:
Still in the trade, target & SL unchanged.
Will add positions should there be a sign of weakness in LTF.
Will add positions should there be a sign of weakness in LTF.
Comment:
We are seeing a lower resistance at $92.8, potentially the last point of supply before we go down. Entered more position.
Comment:
Adjusting TP to $84 as is explained in the comment below.
Comment:
SL hit. Entered again at $97.8, with SL at $99.8
Trade closed: stop reached:
Didn't execute the trade well. Should've taken profit at first trouble area.
Shrug.
Shrug.
Expecting a bounce in LTF, would add to my position if that happens.