TBN / PATe - my experience/Your FREE opportunity

WTI & EU charts

Yesterday hit the 2 loses rule because I attempted to predict what Price Action was going to do rather than wait for price action to show me. A backslide to a habit I had a few weeks ago, of jumping in to the markets too early. At least this is happening less frequently and I held discipline and did not trade the rest of the day.


Actually though, Julie did not trade Budget day and neither should I, but I thought I could nick a few pips in the morning. I have added this rule to my Trading Plan.


GJ Trade today for my 50 pip target.


Opened closer to S1 than Pivot so a Rule 3 sell for me. We have to expect an initial move upwards, and whilst this did happen it was very weak, never getting back to the high made during the first 30 minutes (I am currently using 6:30 to 7:00), but even if you took 7:00 to 7:30 132.500 was never threatened. Lower Highs developed from this point and provided my entry signal.

I closed once my daily target was reached, but more pips were available.

And I find myself causing confusion yet again.

Julie has reiterated that "Price action is considered this week during 6.00 to 6.30 GMT opening sequence". I was using 6-30 due to a misunderstanding on my part.

Took this one this morning...

Heres an example of WTI today.

You can see the HL above the MP at $105.50 which has not be retested.

However, you can see where price initally backed off the DP before the breakout and then this area around the DP became supportive and a buying zone.

Unf my limit order was not filled because i was placing this when the last retrace came back down

Regards

Speed

Two trades this morning.

I will start with a failure to obey PATe rules and therefore a loss. At 7:13 gmt I took an oil sell as I saw a Lower High below the session high. There are several errors I made with this trade: 1) pivot was providing support, and really needed some confirmation that this support was going to fail with some price action below it; 2) Session high is not a PATe level so how can this be used to provide an entry?; 3) my 31 pip stop loss could not cover BRN at 106 so a very poor point to enter a trade. These errors resulted in an entry long before Price Action had confirmed its intent.

However, I spotted very quickly a Higher High and the Higher Low off pivot and closed the trade for a loss of only 12 pips.

The other trade was much better and was also taken at 7:13 gmt after EU broke through the 1.3200 BRN and made a Higher Low above it. I ran this trade up to 1.3250 MP and exited as MP and R1 are close together with a view of entering a buy again if Price Action broke through these levels and made a Higher Low again.

So -12 oil and +36.8 on EU over these 2 trades.

Please see the chart...

Ill try and find time to post a chart later

Trade 1

After missing the long off FP earlier I waited for retrace off the HHs above $106. To me I saw HLs above the DP at around 10-10.15 am GMT and was confirmed by the cycle highs but immediately failed $106 broke back down to take my stop out be below the DP. Nothing wrong with this trade as $106 has broken and price shown its intentions, on retrace, DP/MP has to hold for progress above $106 but cant win them all.

I guess lack of progress towards $106.50 was a hint

Trade2

After that massive spike waited for retrace and went long after 2.22 pm HL above $106.50 (106.68) and got +57 pips up. As i was in garden moved stop to BE for a free trade but got stopped. Has I put stop in normal place under MP I would still in trade. Im long again as MP is holding and stop is now in correct place.

Later

Speed

I got in long after the 130.00 touch, but got out with a couple of pips. Got bak in short with this one.

Beautiful trades on GJ Knucklehead

Personally I won't be around much this week due to my Daughter leaving for Oz tomorrow and my youngest son's future Mother-in-law arriving from Canada for a stay with us on Saturday, my wife has lots of jobs that need doing around the house prior to her arrival and I know that I cannot possibly trade through those distractions.

Following news spike EU could not make a new session high, sold this at about 9:10 and exited the trade at S1.

Also oil made a move on the 9:00 news, but failed to tackle mid-point, so at the time I sold EU I sold Oil too, but there appeared to be several failed attempts to make new session lows at around 10:30, so I took my leave there.

Due to a personal issue there won't be an update from me today.

No problemo senor, I post mine. Using 132.00 as support.

Just exited...got my pips for the day I targeted. 70 isn't bad for NY session today.

Exercised some patience today! I took a Crude Oil sell just before 11 (bst) with Lower Highs under S1 continuing with Lower Highs under 106.50 mid-point. I took my leave just before the Red News at 13:30 (bst) and also because 106 BRN/S2 was likely to be support just prior to US Open. +37 pips.

I have to take my Mummy to the Doctors tomorrow morning, so I may not be trading.

Hi Art I took a similar short off S1 when it turned resistant.

I got filled at a crap price but had a lot of confidence in that level holding but needed some patience.

Once I started seeing LHs under $106.50 I was happy to wait a while but i eventually took +51 being oil invs day and all.

Typically as soon as i exited ot tanked down to $105, sods law eh

Speed

Well done Speedtrip.

Regardless of what happened after, out pre news and being OI was the correct move!

Nothing this morning due to a Doctor’s appointment.


Post 13:30 (BST) I could just feel a sell coming and was not drawn in to what was a valid buy until Price Action failed to reach 105.50 MP. I saw a blip above 105 at 14:48 I could resist my urge to sell no longer and sold at 104.95 at 14:51, and exited at 104.31 20 minutes later having made my target.

A tale of two trades today.

The first trade at around 9 BST when prices failed to break through Pivot (on my charts), and entered on a subsequent Lower High. Followed price down to 103, but soon after it broke through there was a significant retrace and failed to get back to BRN, closed for +25 pips.

Second trade at around 11 BST on a failure to make 103.50. I only needed 25 pips and set a limit order accordingly, and I just made this at 13:15.

Done and dusted and off to enjoy some sunshine.


I need to do some jobs around the place and next week seems like a good opportunity to get them done, so I will take this opportunity to wish everyone a Happy Easter.

Chart from WTI Today

Very little happening and took an age for +45 pips (LH fail under S1 @ 101.98)

After my exit it ranged for and over and half before failing 101.50 (MP) and breaking south to hold above S2 and reverse. Needs to break back above MP to progress higher.

Speed