Leg - A of a correction appears finished. -ve Momentum on 15 min frame is not sufficient to warrant an extension in this correction. I therefore expect to see a Leg-B to the $41.60 region, followed by an extended grand "C" in A-B-C formation to my desired targets <$36-$34> OR possible still to see a muted "C" after the coming "B" into the $41.60, then an "X" and finally a grand "C". I will not use the <$41.60-$41.00> to assimilate any more risk, as it is my intent as a position trader to hold and protect a reasonable size to <$36-$34>. Nor will I add more shorts, as the position's holdings have accumulated enough risk as they stand.
It is possible however, for fresh shorts to begin an accumulation phase <$41.20-$41.60> for half or 1/3 of a contract, keeping in mind that there is still NO 60 min bear motive momentum to support a bear drive, so they would have to hold their shorts between <36-48>hrs for the short position to accelerate.
Take Care & Trade Safe
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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. Target same @ $35.60
Take care & Stay Safe
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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
Take Care & Stay Safe
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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
Take care & stay safe.
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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 assimilate 1/3 of 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
Take Care & Stay Safe.
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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
Take care & Stay Safe
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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