Crude Oil Futures (Sep. 2022):
As we observe the descending channels we find that after each tap off of the bottom we get a retracement back to the .618 fib. With that being said, one my find that we are approaching this point once more, could very well happen today.
My Trade Plan:
Normally when making a channel trade like this one I like to scale into it. I do this so that I can get initial exposure to the trade incase it gets front ran by big money. My first entry into the trade will be about 1/5 of what I really intend on risking in this trade. As the price continues to rise and approach the .618 I will scale in the next 3/5ths of the allotted capital. The final 1/5th of the cash is placed above the channel trend and above the golden pocket. I do this because market makers have a tendency to pump/dump prices in order to create liquidity to fill there big longs or shorts. (This is known as a liquidity grab)
Enough blah blah, here are the numbers:
My first entry will be $99.5, 2nd: $100.4, 3rd: $101.3, 4th: $102.35, and 5th: $103.50
Now weather I get all these filled or not, I need to form some TP targets.
My first take profit target will be $95.35, 2nd: $93.75 3rd: $91.35 4th: $88.55, 5th: $78.45
Please leave a comment below on what you think of my analysis and please give me advice as I am a newer trader.
Thanks!
As we observe the descending channels we find that after each tap off of the bottom we get a retracement back to the .618 fib. With that being said, one my find that we are approaching this point once more, could very well happen today.
My Trade Plan:
Normally when making a channel trade like this one I like to scale into it. I do this so that I can get initial exposure to the trade incase it gets front ran by big money. My first entry into the trade will be about 1/5 of what I really intend on risking in this trade. As the price continues to rise and approach the .618 I will scale in the next 3/5ths of the allotted capital. The final 1/5th of the cash is placed above the channel trend and above the golden pocket. I do this because market makers have a tendency to pump/dump prices in order to create liquidity to fill there big longs or shorts. (This is known as a liquidity grab)
Enough blah blah, here are the numbers:
My first entry will be $99.5, 2nd: $100.4, 3rd: $101.3, 4th: $102.35, and 5th: $103.50
Now weather I get all these filled or not, I need to form some TP targets.
My first take profit target will be $95.35, 2nd: $93.75 3rd: $91.35 4th: $88.55, 5th: $78.45
Please leave a comment below on what you think of my analysis and please give me advice as I am a newer trader.
Thanks!
Nota
2 Day update: Sep. 2022 Crude Oil has hit some entry targets and I have also manually added some above 100.5. It is starting to form some promising bearish divergences from 30 min up to the 2 hr. I expect this to topple over within the next day or two.
Happy Trading.
Nota
$95 :)Nota
Hit another take profit of $93.75Nota
Got stopped out this morning, great trade!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.