CRInvestor

BoT long Crude Oil: High probability setup = good mental capital

FX:USOIL   Crude Oil (WTI)
After taking some time to lick my self inflicted day-trading wounds I have slowly brought my trading plan in fous and have resolved to get back on track. With recent loses in mind, I took a step back, re-wrote my trading plan and committed myself to the plan. I woke today with the thoughts of playing a rally out of the Euro             close into weekly options expiry - I soon realized the market had other ideas. When I looked at my charts this AM II saw both a 1 hour and 15 minute double bottom working (trading plan setup checklist item 1 & 2.).. The market rallied and then pulled back 33% of that rally testing the breakout highs (trading plan setup checklist item 3. & 4.) The market then put in a tight fractal off the 25% level and I took the trade (trading plan setup checklist item 5.). I moved my stop to break even and then to trailing as the market gave me the prompts (trading plan setup checklist item 6. & 7.). I was stopped out when the market pulled back a bit and took a nice little 12 tick profit on the setup. At that point I removed all open orders and patted myself on the back for both committing to my plan and then executing the plan (WTG Brian!). While I did ultimately see the market hit the AB=CD target today was more about me getting back on track and booking profits. I doubt I will take another setup today as I believe it is good for your mental capital to book a nice winning day. I understand that my profits on the trade were just slightly above my initial risk but hey a profit is a profit is a profit - and I believe I needed the mental capital boost to carry me into the Month of May.

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