This is possible the backside of the trade. Opec meeting's over, the price couldn't get below $50. Price has started to consolidate and my thesis is it just needs to find more buyers at a slightly lower price, between the close on Friday of 52.11 and the value area high of the market profile chart at 51.96, to have enough buying pressure to break above 54.35. 54.35 is a major resistance from 2017 and until that is not breached, the backside is still not in yet. That said, I have 3 anticipatory scenarios and am only taking them as the risk:reward here is favourable.
Scenario 1: In blue arrow, a test of 51.96 before going higher. 0.5% of account is risked on this trade
Scenario 2: In red arrow, a test of MP POC 51.18-51.29, before going up. An additional 0.5% of account will be risked here if this pans out
Scenario 3: Short below 50. 1% of account will be risked here (if this scenario pans out, a new trade will be posted)
Scenario 1: In blue arrow, a test of 51.96 before going higher. 0.5% of account is risked on this trade
Scenario 2: In red arrow, a test of MP POC 51.18-51.29, before going up. An additional 0.5% of account will be risked here if this pans out
Scenario 3: Short below 50. 1% of account will be risked here (if this scenario pans out, a new trade will be posted)
Trade active
Comment:
second entry now active
Trade closed: stop reached:
From Gold trade
Discretionary: 27.31% - 1% = 26.31%
Planned: 36.125% - 1% =35.125%
I was not able to short as well as I was travelling during the period.
Discretionary: 27.31% - 1% = 26.31%
Planned: 36.125% - 1% =35.125%
I was not able to short as well as I was travelling during the period.