This trade set up on the 5M chart and the daily. My original premise was all this support lost and a gap fill trade. I was right on both but executed rather poorly on the gap fill piece of it.
I got the trade on and figured I had plenty of time to get figure out exactly where I wanted my targets but the darn thing went so fast that I barely had time to adjust my preset target a bit before it just kept pushing down.
Then the price just stopped mid air for no reason and started putting in what looked like a potential V bottom and I got nervous and bailed out, just as price just collapsed from 55.40 all the way down to my original target of 55.00. I left another 40 ticks on the table. Had I walked away today would have been an outlier for me. Oh well. Time for the weekend.
That gap fill premise has been in play and pending ever since the initial break upwards weeks ago.
ReplyDeleteThe price has been communicating exactly what is happening , in spades. If I have read it right, more whiplash is coming.
The failure to break into a new leg upwards, after the initial Saudi news.....and to retract back into previous down leg after news was baked in, is telling.
As always look left, why that level 56.60 was telling.......the symmetry is amazing
Well done.
Thank you sir!. That means a lot coming from you.
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