T24 – WTI CRUDE

ENTRY

IDEA (D)

formulate a trade idea – your analysis, a likely possibility // set-up play out

download (10).pngCondition on the daily: Range bound. There was a bullish engulfing at an area of resistance on the HTF. What is a setup that could go against this trade – the 3 drives pattern. Therefore, entry is a teeny bit too early.

SETUP (4H/1H)

trigger for the mentioned idea, what you want to see: clean impulse + choppy correction

download (11)Was looking for a sell setup similar to the ones in the previous sell offs. This one came too early and FOMO kicked in… Stop sell should be under this triangle that is likely to form.download (12)Setup on the 1H: What was thought to be a complete ABCDE bearish flag is now just wave A in a bigger structure likely to be a triangle.

TREND on entry timeframe & 4H chart, determined by SMA if subjective () DNF 50/100SMA still up and strong // upward channel still not broken

IMPULSE registering ADX>25 (✓) ADX36

COIL structure clear formation relative to prior impulse (✓)

Flag // Rectangle // Pennant // Wedge // Triangle // Diamond

Fibonacci 50%–61.8% // S&R Level // Trend Line // Moving Average

Simple // ABC // ABCDE // Extended Combo

ORDER

Entry @ Break of Structure // Area of Value + Candlesticks

Stop Loss @ +1ATR away from last wick // Before Impulse Start

Take Profit @ Length of Prior Impulse // Next Area of Value

1% capital risked for potentially 4.2R

Entry: 48.9 | Stop loss: 50.5 (-160 points) | Take Profit: 42.1 (+680 points)

MANAGEMENT

If running >1R + swing established, risk halved

If 20% left to take profit, shift to break even

If strong momentum + space to run + aligned with long term view, extend take profit and use trailing stop

EXIT

updateWTICRUDEclose.png

Stop Loss

Manual. Reason: Did not follow plan. Got out at breakeven when there was a chance. A triangle has formed anyway, 50% chance of it moving up or down.

Trailing Stop

Take Profit

Advertisements