I just took a trade on the $CL based off the start of a mini trend by the looks of it due to price being extended quite a bit and this looks like a pullback to make a higher low and a rally back up.
I have put a fibonacci on the price and know really I should wait for a bigger retrace but I'm new to trading futures and they seem to move in a different way to US stocks.
The RRR is around 1/1 on this and will be around 1/1.5 or more as price works it way up the trend.
Also used the macd and rsi a little to help me see where things may be heading, also my stop is just under the swing low. I missed the entry so it made my RRR 1:1 but I will change that slightly as price goes up and move it to .25 once the price is clearly through .50.
entry: 45.48
target: 46 (but will see if it can break through the round number it and break HOD at 46.17 and if it does I will stay in the trade and move my stop to 46 for a decent profit.
Would anyone say this is a good trade as it was not really based off a pattern of such just off the price wave, fib and indicators??
I have put a fibonacci on the price and know really I should wait for a bigger retrace but I'm new to trading futures and they seem to move in a different way to US stocks.
The RRR is around 1/1 on this and will be around 1/1.5 or more as price works it way up the trend.
Also used the macd and rsi a little to help me see where things may be heading, also my stop is just under the swing low. I missed the entry so it made my RRR 1:1 but I will change that slightly as price goes up and move it to .25 once the price is clearly through .50.
entry: 45.48
target: 46 (but will see if it can break through the round number it and break HOD at 46.17 and if it does I will stay in the trade and move my stop to 46 for a decent profit.
Would anyone say this is a good trade as it was not really based off a pattern of such just off the price wave, fib and indicators??
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