Hi, thanks for viewing. Just sharing my trade.
Entered late on Friday because I saw wave (i) and (i) but was watching something else when wave (iii) started. Ended up entering on a wave ii retracement of wave i - as I was anticipating - based on wave i that wave (iii) was going to be extended (as it didn't reach 1:1 of wave (i). I was super lucky to catch it right at the 0.618 fib level. of wave (i).
I was 4.5% up when the market closed for the weekend and realised on Saturday I had forgotten to put a stop loss on (I put a SL on 99% of the time) - luckily things went the right way. I put one on this morning that will lock in a minimum of 25% profit if things go bad. I will raise this if an when price action allows but will hold off for a while. Currently 130% up - yay me. Joining wave (iii) wouldn't be a bad idea if you are looking for an entry. That or joining for wave (v).
There were murmerings of a reduction in production being considered this week by OPEC in the news last week. While that isn't why I entered, it certainly didn't hurt. Clearly the market was and is anticipating that - hence the big gap up. I hear on here people say that "gaps are always closed", yeah I guess so... eventually. Never understood what the relevance of that statement. Gaps just indicate a strong trend - normally found in wave iii of wave 3.
My tentative target is $56.91 for a 6x gain (thanks to scary levels of leverage). If that happens it will definitely be my best trade in my limited trading experience. However, I will close the trade based on a MACD cross-over strategy on the daily time frame as things may go a bit higher - as we have recently seen; when the market trends - it really trends. Wave (v) being extended is a possibility,
Normally, I trade 100% on technical factors but I guess this had a little fundamental thrown in. The main factor was that by my EW count we were starting to set the foundations for a bounce after an extended down move that was super difficult to get a good EW count on. I find CL1! difficult to trade due to the $ per pip change - so any move against you can hurt a lot. Anyway, I'm happy to let this one ride for a while.
Thanks for viewing and good luck everyone and protect those funds.
Apologies for any typos and my use of the minuette and subminuette EW, which is purely arbitrary. All I am trying to show is 2 degrees of wave action on smaller one larger.
Entered late on Friday because I saw wave (i) and (i) but was watching something else when wave (iii) started. Ended up entering on a wave ii retracement of wave i - as I was anticipating - based on wave i that wave (iii) was going to be extended (as it didn't reach 1:1 of wave (i). I was super lucky to catch it right at the 0.618 fib level. of wave (i).
I was 4.5% up when the market closed for the weekend and realised on Saturday I had forgotten to put a stop loss on (I put a SL on 99% of the time) - luckily things went the right way. I put one on this morning that will lock in a minimum of 25% profit if things go bad. I will raise this if an when price action allows but will hold off for a while. Currently 130% up - yay me. Joining wave (iii) wouldn't be a bad idea if you are looking for an entry. That or joining for wave (v).
There were murmerings of a reduction in production being considered this week by OPEC in the news last week. While that isn't why I entered, it certainly didn't hurt. Clearly the market was and is anticipating that - hence the big gap up. I hear on here people say that "gaps are always closed", yeah I guess so... eventually. Never understood what the relevance of that statement. Gaps just indicate a strong trend - normally found in wave iii of wave 3.
My tentative target is $56.91 for a 6x gain (thanks to scary levels of leverage). If that happens it will definitely be my best trade in my limited trading experience. However, I will close the trade based on a MACD cross-over strategy on the daily time frame as things may go a bit higher - as we have recently seen; when the market trends - it really trends. Wave (v) being extended is a possibility,
Normally, I trade 100% on technical factors but I guess this had a little fundamental thrown in. The main factor was that by my EW count we were starting to set the foundations for a bounce after an extended down move that was super difficult to get a good EW count on. I find CL1! difficult to trade due to the $ per pip change - so any move against you can hurt a lot. Anyway, I'm happy to let this one ride for a while.
Thanks for viewing and good luck everyone and protect those funds.
Apologies for any typos and my use of the minuette and subminuette EW, which is purely arbitrary. All I am trying to show is 2 degrees of wave action on smaller one larger.
Comment:
I ended up taking profit at $53 because I wanted to lock in some profit. Trading psychology got the best of me. I may look to reenter looking for wave 5 up or after further retracement. Because I am using crazy levels of leverage (actually that reminds me to get it reduced today) I made an 118% profit and my trading balance is a lot healthier today. Yep, I have been using 50x leverage from the start, which is not the easiest when you are learning how to trade. So that would partially explain why my initial margin is down... BUT I am on a comeback. I am Rocky in a training montage. Things are falling into place
Trade closed manually:
As per Dec 4th comment. Now in a short
I assumed that wave (iii) would extend as wave i was less than a 1:1 extension of wave (i). That can't happen unless you expect wave (v) to even shorter than wave (iii). That didn't seem to fit the market situation so it was discounted.