plotted key levels on monthly chart. Main level will be mega fib6.
On daily, 2 days of shooting star/doji can be seen against the mega fib6. Still early days to say if price has topped out. However a 2 day shooting star resulting in a WR of a 2 day high bull trap warrants some attention.
Shorted 2 pos on day open.
Looking to see if a WR2B can be completed, thereby increasing the probability of a Double Top.
only 4 points, so have to scale down on position size.
true to words price did a spike up and took out 50% of my positions @ 105.00. however i was displeased as price went as high as 104.96. Took the issue to broker but it seems 0.05 spread for wti is the norm. Looking back i did not really expect price to visit 105.00 and hence sloppily placed 105.000 as SL. A 105.03 might have made the difference.
definitely a sucky feeling when u see the aftermath of the trade. It’s not often that trades do get exited on my hard SL. But when it did get exited and does a 180 degrees WR u-turn , sugga.
Moving on 170414 0830
a 5 day bull trap has been completed by a shooting star/engulfing d1 candlestick.
Looking for re-entry but need to reflect this in an objective way, if it is a case of ‘having conviction’ vs ‘ revenge trading’.
update on checklist
m5 1317 hrs
On m5, trying to see if candles can make any sense of two key levels that I wish to use in subsequent addition of position.
Form where m5 candle plunged , it was also the 2 day high. perhaps the 2 day will be a good place to cut loss if subsequent prices moves higher against me.
Otherwise, for confirmation of price to continue to move downwards, a breach below neckline should be good for that. If i cannot get entries on retracement,
I should seek a smaller position on close below of neckline.
After several days of stagnation at neckline,
it is likely that price has stalled at the neckline. This short cannot continue unless price has broken this level.
Hence I have decided to break even and exit for all positions.
These will be the lessons that I have learnt from WTI trade this week:
1) find out and remember the rollover dates and effects for WTI. Even though i have managed to exit all remaining positions that survived, the small BE profits were not enough to cover the rollover fees.
2)Learn to follow the checklist. Good setups don’t come often, so the checklist is not meant for everyday use. But when the setups do come and the checklist is engaged, do use it!
3) spread for WTI is fcuking 0.05 but do give in more to avoid future problems from broker’s side.