Expect the ending diagonal (whose strength I had previously underestimated) to continue until ($42.20-$42.50). This should then complete the uptrend in wave 3v or a wave-5.
Currently holding 0.8 contract short averaging $37.52.
Amend (10k) entry short limits from < $41.40-> $41.80 > zone to the < $42.30, $42.40, $43.50, $43.60, $43.70 > each entry at 10k to a total of 50k in all. Position average becomes $39.43 to a size = 1.3 contracts with average risk @ $42 = -3340 ~ -33% on a $10,000 account
IF SHORT ENTRIES FILL, place TP for <$42.30->$42.70> at $41.05 Also place TP for 0.2 contract size ($37.52) at $41.05 position size then diminishes to 0.6 contract averaging $37.52 at a total risk -$3000 = -30% at price level $42.50 DON'T PLACE SLs
Tp for 0.6 contract remains at $34 as per target on chart above. DO NOT get greedy & hold to the added shorts at <$42.30-$42.70> to target $34. If/when momentum confirms reversal to the diagonal formation, we could re-add shorts on the way down. Note that as things stand we have almost doubled the risk level on the account from -15% to -30%, even though the contract size has diminished by almost 50%
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Price currently $38.00. Time to start making some money at last Raise Tp on remaining 0.8 contract to $35.35 once price breaks $36.00 take SL down to entry + comm. Position entry average =$37.52
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I am planning to improve my short portfolio as follows:-In case there is a spike in prices (wave-4) Sll 10k @ 38.80 Sell 10k @ $39.30 Sell 10k @ $39.60 In case there is a spike in prices (wave-4) Sell 10k @ 40.30 Sell 10k @ 40.50 Already holding 0.8 contract short averaging $37.52. If above positions fill, size increases to 1.3 / standard contract, averaging $39. Risk at $41 becomes -$2600 = -26% on a $10,000 account. Raise Target to @ $35.60 (1.382 fib ext) / or $34.80 (1.618 fib ext) once price breaks $36.00 take SL down to entry + comm.
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shorts at $38.80 & $39.30 filled Position average raised to $37.826 for a 1 complete standard contract Tps remain the same $35.60/$34.80. Risk calculations same. keep remaining sell limit orders in place, but amend 10k @ $40.50 to become $40.40
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Holding 1 standard contract short averaging $37.826 Add Short Limits as follows 10k@ 39.90 10k@ 39.80 10k@ 39.70 10k@ 39.60
If filled position average becomes $38.37 for 1.4 standard contract- Risk at $40 is -23% (-$2300). Risk @ 440.50 = -30% (-$2982) Target same @ $32.50
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<$39.60-$39.80> filled, to a contract size = 1.3 averaging $38.25 Remove 10k short entry @ $39.90 Risk assessment remains as outlined above. Target remains @ $32.50
Correction:- "440.50" above should read "40.50" Sorry for the Typo Take care & Stay Safe
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The position has reached risk @ $40.50 = -30% for 1.3 contract size on a $10,000 account. So I will work to assimilate1/3 the risk.
Place Tp for short holdings $39.60-$39.70-$39.80 @ $39.20 Place Tp for 1 x 10k short acquired at $37.826 also at $39.20
$39.20 is y'day's low, and the lower 1HR BB.
If filled contract size gets reduced to 0.9 at 37.826 average. Risk @ $40 becomes -$1962 = ~20% on 10,000 account
Targets for 0.9 contract remains the same @ $32.50
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There is a Bear Motive on the 1HR chart now doing a wave-3 Remove TPs @ $39.20 Holding 1.3 contract shorts averaging $37.826 targeting $32.50 Add Short limits @ 10k @ $40.10 10k @ $39.90 All to same target $32.50
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10k @ $39.90 filled to an overall average $37.97 for 1.4 contract size. take the 10k @ $40.10 limit short down to $39.25 TP for all remains @ $32.50