This is one of our favorite patterns and we were shocked to see it today. But hey...were traders and trade what we see. Even with the bullish dollar, Crude got bought up when it slammed into the Major Support level. This is bullish and is telling us to expect a short term bottom.
There is is ample oil supply in the market and the dollar is bullish so we expect more downside over the next few weeks. But for now we will take this opportunity and run. Our long entry is 92.90.
That may still work. This is short term bottom play for us. The pattern is bullish in our book.
ImranSamo
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i reversed my positions and nw running in losses...do u see crude climbing to ur entry point from current level of 90.6
OffTheFloorTrader
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imransamo...why did you reverse position? We took a loss on our trade and you were short. You would have killed it. Lesson...if you have a position on...know why you have the position and accept the outcome. In my 20 years of trading I have never seen anyone go back and forth on positions and survive in the industry. If you were short, stay short and accept your loss or cover your position and wait for a better set up. Our long position was a short term bounce play on a pattern we have seen for years. But we understood it could fail and it did. We said in the post above..."There is is ample oil supply in the market and the dollar is bullish so we expect more downside over the next few weeks. But for now we will take this opportunity and run. Our long entry is 92.90."
My crystal ball is in the shop so to answer your question...I have no idea if it will bounce. Here's what you can do:
1. GTFO...Get the heck out of the trade now and find a better set up.
2. Place an "uncle" stop and if it hits just accept it and move on. You will be looking for entry or small loss to get out.
Let me suggest something:
1. Make sure you have your trade setups defined! Know how they work, why they work and what you expect from them.
2. Use this site to learn new material and ask questions. There are loads of great traders on the site but we would never take a trade off a post!
3. Lastly, set rules for your self and trades. For example, if you do take a loss on this trade...take a break and learn why. Ask yourself the hard questions and be honest with yourself. You not going to get better if you don't. Then ease back into it.
Hang tough...if there is one thing I can guarantee it's that you are not alone. ALL traders have experienced a trade that got away from them. It happens to all of them. Don't let it define your trading or you...it's just a trade and it's money you lent to someone else for a little while.
Good trading.
ImranSamo
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Sir, i beg u pardon if i sound offensive in my earlier post. thank you for the lesson...ur suggestions are more valuable to me...these are more valuable to the profit if i had made with the trading position. i will read ur aforesaid suggestion for more than a couple of dozen to be a fine trader...i would welcome more suggestions and advices to improve my skills...
OffTheFloorTrader
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Not offensive at all...I appreciate you reaching out. Keep working on it and don't let one trade define your career.
ImranSamo
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whr to catch u for insistence guidance
OffTheFloorTrader
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This is a good place to catch me. Just send a direct contact. Thanks