Buying Oil corrective leg in Wedge formation
accumulate limit long for 1/2 contract size as follows
limit 10k buy @ $36.00
limit 10k buy @ $35.90
limit 10k buy @ $35.80
limit 10k buy @ $35.70
limit 10k buy @ $35.60
limit 10k buy @ $35.50
Target for all @ $37.80
No stops - prepare to hedge shorts @ $34.00. Risk : Reward, about 1:1.
Don't chase the market. If you miss the trade, remember its a Friday, and you might not want to close the week on a bad note.
Take Care & Stay Safe
limit 10k buy @ $36.00
limit 10k buy @ $35.90
limit 10k buy @ $35.80
limit 10k buy @ $35.70
limit 10k buy @ $35.60
limit 10k buy @ $35.50
Target for all @ $37.80
No stops - prepare to hedge shorts @ $34.00. Risk : Reward, about 1:1.
Don't chase the market. If you miss the trade, remember its a Friday, and you might not want to close the week on a bad note.
Take Care & Stay Safe
Comment:
Stop loss hit over night for remaining 1/3 contract portion at -$255 loss ($34.90-35.75) X 0.3 size.
Take care & Trade Short
Take care & Trade Short
If Stops had not been raised to B/E (break even +comm) since Friday, & position stopped out on market open - Asia.
Close 1/2 position size at current market value ($35.60) for a small loss = -$45, to reduce unnecessary risk.
Place SL on Remaining position (30k) at $ 34.90. lower TP to $37.50
Take Care & Stay Safe