Ciao Traders !
Happy trading to all !
Disclaimer:
This is not financial or investment advice
I am not a professional in the financial or investment fields
This analysis is just for entertainment purposes
Do not follow what I do or do it at your own risk
GOLD Requires attention! For short attention spam readers :-p
Trade active:
Hi traders
I have to apologize, I realized I have made a mistake:
I have initially wrongly positioned the fib tool : instead of starting from the beginning of wave A, I started on the beginning of wave B (I was measuring wave B and then forgot to move it back)
As you can see, the adjusted position, give me a confluence zone where the 0,382 fib of the whole move down is overlapping with the 1,382 extension of the proposed wave Y based on the length of wave W.
Because this mistake I ma keeping the position opens (even thought now my risk to reward is quite higher, and the possible loss is above my standard risk.
What I will do, if I am right and bounce back at 0,382, is to sell part of the position (at that time in profit) in the blue box, and put a break even stop loss for the rest of the position. This because we have the possibility that the up correction might not be over and Oil try to shoot for the 50 or 61 fib above the 0,382 indicated in the chart.
In this last case, I will hopefully have a small gain or, worse case a break even, and try to re-enter at the 50 or 61 fib at higher price with another short down to the same target as the current trade.
Maybe I should stop trading on Fridays.. was a long week and tiredness led me to such a silly mistake..
Wish you all a nice weekend
I have to apologize, I realized I have made a mistake:
I have initially wrongly positioned the fib tool : instead of starting from the beginning of wave A, I started on the beginning of wave B (I was measuring wave B and then forgot to move it back)
As you can see, the adjusted position, give me a confluence zone where the 0,382 fib of the whole move down is overlapping with the 1,382 extension of the proposed wave Y based on the length of wave W.
Because this mistake I ma keeping the position opens (even thought now my risk to reward is quite higher, and the possible loss is above my standard risk.
What I will do, if I am right and bounce back at 0,382, is to sell part of the position (at that time in profit) in the blue box, and put a break even stop loss for the rest of the position. This because we have the possibility that the up correction might not be over and Oil try to shoot for the 50 or 61 fib above the 0,382 indicated in the chart.
In this last case, I will hopefully have a small gain or, worse case a break even, and try to re-enter at the 50 or 61 fib at higher price with another short down to the same target as the current trade.
Maybe I should stop trading on Fridays.. was a long week and tiredness led me to such a silly mistake..
Wish you all a nice weekend
Comment:
here the blue box.. it looks I can't get this right today hahaha
Trade active
Trade active:
Comment:
Profit taken at the blue box. Stop moved in profit position
Comment:
I will wait the break of the channel anyway before shorting