***Recorded for missing an opportunity***
Trading Signal
Short Position (EP) : 65.10
Stop Loss (SL) : 65.60
Take Profit (TP) : 63.30, 62.50
Description
CL future formed Double Repo Sell at day time frame. Short position at market price (65.10) when the market open and place stop loss after 0.382 level of Fibonacci Retracement. When the price go down below first agreement (64.45), shift stop loss to Break Even (BE) position (65.10). Until the price reach TP#1 (63.30), close half of the contract opened. Wait until it reach TP#2 (62.50), then close the other half contract opened.
Money Management
Money in portfolio : $53,000
Risk Management (2%) : $1,060
Position Sizing
1 Tick value = +-$1,000
EP to SL = 0.5 Tick value = -$500/contract
Contract size to open = 2 contracts
EP to TP#1 (Close 1 contract) = 1.8 tick value = +$1,800
EP to TP#2 (Close 1 contract) = 3.1 tick value = +$3,100
Expected Result
Loss = -$1,000
Gain = +$1,800 + $3,100 = +$4,900
Risk/Reward Ratio = 3.9
Trading Signal
Short Position (EP) : 65.10
Stop Loss (SL) : 65.60
Take Profit (TP) : 63.30, 62.50
Description
CL future formed Double Repo Sell at day time frame. Short position at market price (65.10) when the market open and place stop loss after 0.382 level of Fibonacci Retracement. When the price go down below first agreement (64.45), shift stop loss to Break Even (BE) position (65.10). Until the price reach TP#1 (63.30), close half of the contract opened. Wait until it reach TP#2 (62.50), then close the other half contract opened.
Money Management
Money in portfolio : $53,000
Risk Management (2%) : $1,060
Position Sizing
1 Tick value = +-$1,000
EP to SL = 0.5 Tick value = -$500/contract
Contract size to open = 2 contracts
EP to TP#1 (Close 1 contract) = 1.8 tick value = +$1,800
EP to TP#2 (Close 1 contract) = 3.1 tick value = +$3,100
Expected Result
Loss = -$1,000
Gain = +$1,800 + $3,100 = +$4,900
Risk/Reward Ratio = 3.9