Fading Short Setup

Jan 9, 2019

A potential fading short setup coming up it seems. There is a $850 risk per contract and a 3:1 reward for risk. The levels are given on the chart.

Jan 10, 2019

Note

Always close 1/2 of the position when there is an equal amount of reward to risk and let the other half run on cost. A guaranteed 0.5R trade.

Jan 10, 2019

Note

Remaining 1/2 closed at cost. 0.5R return on the full position.

Jan 10, 2019

Note

Next angle at 5280-5305 area, watch for signals around there for a potential short setup

Jan 10, 2019

Note

USOIL 5H At the next angle here. Looking for limit sell entries with stops above 5375 look reasonable at this point.

Jan 11, 2019

Trade active

Short @ 5305 with a 70 tick stop, 1R-3R targets

Jan 11, 2019

Note

Price action seems to be favouring long risk currently. The short entry is justified so far.

Jan 11, 2019

Note

Limit buy order @ 5235 to close 1/2 of the position

Jan 11, 2019

Trade closed: target reached

Order filled. 1/2 of position closed @ 1R, modified stop to cost @ 5305 for the remaining 1/2, 0.5R return guaranteed.

Jan 11, 2019

Note

2R target for the remaining 1/2 @ 5165, 3R target @ 5095.

Jan 11, 2019

Note

USOIL 5H Follow Up Nice rejection around the +25% of the 4234 low, the 7/8th of the current range and most importantly the next angle line

Jan 11, 2019

Note

At 2R target the remaining half but the price action is quite bearish, wanting for further downside after which the stop will be modified to 2R point @ 5165

Jan 11, 2019

Note

Stop modified to 5165, at 2R. Getting filled will result in 1.5R return trade.

Jan 11, 2019

Trade closed: target reached

Trade closed with 1.5R return @ 5165

Jan 12, 2019

Note

2R return on the two fading short entries setup these last two days.