CRUDEOIL 5M CHART WRONG UNDERSTANDING GAP UP & RETRACE SETUP (1-JUN-26)

 CRUDEOIL 5M CHART WRONG UNDERSTANDING GAP UP & RETRACE SETUP (1-JUN-26)

1) Market is in  BULLISH and GAP UP Opened 

2)  I thought it will retrace atleast 61.8% or 0.50% , hence I shorted Future by assuming the double top formed and it will retrace till 61.8% 

3) But when I took short position, immediately It went up and seen loss of 8000 & my mind was blank & it broken the Day High Resistance as well, all are happened suddenly

4) Once is broeken the DH , took long position and market was halted :) , I was not aware about hating of Crudeoil once its up by 5% or limits set by MCX, after few min its opended again.

Crude 5Min Chart

1M Chart

Order Book

CONCLUSION AND IMPROVEMENTS 

1) DONT SHORT IN BULLISH TREND, IT MAY NOT RETRACE to 0.50% 61.8 or 78.6 EVERYTIME, BASED on STRENGTH OF SCRIPT IT MAY MOVE UPSIDE AT ANY LEVEL WITHOUT RETRACE 

2) THIS IS NOT REGULAR GAP UP & RETRACEMENT SETUP , IF YOU SEE ITS OPENED GAP UP AND WENT UPSIDE ALL THE DAY AND NOT BROKEN FIRST 5MIN DAY CANDLE, WHICH MEANS BIG BULLISH RALLY

3)  TOOK LONG ENTRY BOOKED EARLY , TOOK LONG ENTRY ONCE ITS BROKEN THE RESISTANCE IS GOOD BUT BOOKING EARLY IS BAD.

4) THIS IS WONDERFUL OPPORTUNITY IF YOU HOLD TILL RALLY ENDS , WE CAN DRAW EMA 8 ON 1 MIN CHART , UNTIL PRICE HOLDS ABOE THE EMA 8 WE CAN HOLD THE POSITION , IF THE 1M CANDLE CLOSED BELOW THE 8EMA LINE THEN CLOSE THE POSITION. THIS EMA-8 WORKS IN TRENDY MARKET HUGE MOMENTUM. NEVER MISS THIS OPPORTUNITY AGAIN