Follow up to Friday's Oil trade

by 13:03 0 comments
Thought i'd post a follow up to the Oil trade on Friday, what my thought process was and why i'd take the same trade again.

We've got the green hourly volume zone from Thursday in the background. We were playing with the low of this all day Friday. We break out of the low during the first 15mins of the NYSE open on ultra high volume. Next bar confirms this and brings us back into the range before the break out. We eventually come back to test the high of the 15min zone and I entered long on the high of this bar with my stop just below the low. As you can see from the chart, the low of this bar isn't taken out over the following bars. The spread that i'm offered on that pair is what screwed me over so I got stopped on the next bar. The low of the next bar plus spread was enough to stop me out. Obviously I should have been aware of this fact. Trading EU on a regular basis with a very small spread, I've never had to take this into account. So in a way, i'm glad this happened. 

I stand by the set up and would take it again. But next time, with better stop placement. There was still a 70 pip move from the high of the test which is more than enough in my books. 

Oil 15min



28. Forex. Trading. Music. Beer. Food. Travel.


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