Sharkie78's blog

This is a discussion on Sharkie78's blog within the Trading Journals forums, part of the Reception category; I have been watching the action with oil for a while now but didn't find the right opportunity to get ...

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Old Mar 3, 2009, 5:45pm   #1
Joined Jul 2008
Taking a shot at US light crude oil

I have been watching the action with oil for a while now but didn't find the right opportunity to get in.

Friday the 13th the system triggered an alert around 10:00 the status was the following
Price : ~3480
MACD : -30 . it was well below 50 but only now started to diverge from the signal line
Stochastic : %K:41 ; %D:35

On top of that the price was well below the 100 period MA and even below the 50 period MA.

Check out the attachment and read the synopsis of the trading day below :


13/2/2009 : 10:14 - I go long £1 per point at 3483 , stop loss set to 3383

13/2/2009 11:10 - The market just dipped to 3403 I am £80 behind not looking good,I still believe I have made the right decision. I decide to stick to to the plan ,Stop at 3383 and not before.
13/2/2009 11:40 - The market continues to trend lower , I still have faith in my position ,amend stop loss to 3350.

13/2/2009 13:00 - Market started to recover currently trading at 3448, I increase my line by £1 per point more .Current running P&L - £41.

13/2/2009 15:20 - Price just passed 3500 my P&L is now positive £138 I increase my line by £1 more , I buy at 3515

13/2/2009 - 17:20 I am gaining more confidence in my decision,This looks more like a bullish wave pattern. If this is the beginning of a bullish trend (Elliot wave 1) we should have 3 sub wave (A,B,C). If so we just now finished B (corrective) and C is imminent. I am increasing my position by £2 more per point at 3551 to complete a full line.

13/2/2009 : 18:20 HOLLY **** !!! - The market just had a 200 points rally in 20 minutes it's over 3800 . I am up over £1550 , I need to secure the profit I am amending the stop to 3700 to lock in the profit.

13/2/2009 18:54 Stop loss triggered at 3700 Total P&L : £952


Summary : That was a good day for trading after a big dry spell and no luck with the GBP/USD pair. I am happy about the profit but , the mind always wonder to if I would have closed my position at 3800. You know what it's winning trade I averaged out 190 points on my full £5 per point line and that is very good.
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