Today's Trade

Today I was nearly bored to tears waiting for a long set up when price retraced back to a really good demand level on the 1K tick chart which was formed on Friday afternoon, where we had a very impulsive move up with lots of RPM bars leading to a 200 tick rally into Friday's close.

I waited for over 4 hours, but in the end my patience paid off.  I scaled into the trade, and as usual my first entry was too early, but my second entry was almost perfect.  I was nearly stopped out as price missed my SL by 1 tick.  I need to wait for confirmation of a trend change and then enter with a RPM signal to avoid taking unnecessary stop outs.  I am working on this aspect and will get better with more experience.

My first scale out was for 46 ticks, but I really should have done better with it and my second scale out was for 100 ticks just below a throwback supply zone, where price retraced, so it was a good exit. Price continued up later on, but I was very happy with the trade.

I took screenshots before, during and after the trade to show how I identified, entered and exited.

I did not look at another instrument whilst waiting for the set up to arrive and missed some nice trades on them, especially Gold, where I was looking to buy the dip today (see my last gold analysis).  But I am pleased that I was patient and I will continue my focus on CL this week. The good thing was that I was never tempted to take a counter trend scalp.

Here are the charts