This is the first trade I've taken on a Monday in I don't know how long!
Took a short on Oil, entry at 106.89 and hit 1:1 on the first half of the trade at 106.49. I held the second half until this eventually got stopped at BE+2. Overall I banked 1.58% on the trade. Very happy with the start to the week and sticking to my strategy religiously.
Two charts below, 5 and 15min, the 15min shows the bar I fibbed has my high volume zone and the 5 min gave me my entry on a nice, narrow spread, really low volume no demand.
US Oil 15min
US Oil 5min
With this in mind I think I could have spotted the warning signs that we were not going to continue or journey down. We found support at the low of the 15min highest volume area from last Friday (surprise surprise). Once it failed and reversed on the second attempt this should have been my warning sign to get out. To the absolute low of the move would have been around +4% of my account, but it's futile working out such numbers. I don't think there was much of an option for a tighter stop to my initial entry so i'm happy with the outcome of the trade.
Nice start to the week and looking to build on it now!
Nice work.
ReplyDeleteThanks Solfest!
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