Monday 16 December 2013

Today's CL trade

I missed out on a long on the open today, as my limit order was not filled, so I had to wait for a retrace.  I saw a very good engulfing buy signal on the 700 volume chart, but got in 5 ticks worse than I should have, which meant I had a large stop loss of 18 ticks.

Price moved up quickly, so I decided to move my SL to break even.  My trade did get to 26 ticks, but then started to stall, so I moved my SL up again, to lock in 6, then 10 ticks.  Unfortunately, price reversed and stopped me out.

However, soon after the stop out, I saw another buy signal on the 700 vol chart with a RPM up with delta divergence, showing that there was limit buy orders there.  I decided not to take the trade, as I am still in 1 trade a day mode at the moment.  Pity, as my target of 1 tick, above the HOD, would have been achieved.

Here are some charts:









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