EIA data had another massive build in inventories... Coupled with this crude oil is near relative highs and in a larger corrective structure... I opened a short position against the most recent high around $58... Targets are not yet clear but I will keep this post updated as price action indicates potential exits...
I encourage comments and constructive criticism! Be sure to leave a like and follow!
I encourage comments and constructive criticism! Be sure to leave a like and follow!
Comment:
Also just noticed a double top in RSI... Could not break into overbought adding to the idea that we will not see another high in the short term...
Comment:
Pretty substantial bounce due to China relations... Short is still in play as my stop loss is at the high... Corrective structure has not been invalidated...
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Marginal higher high, normally I would honor the stop loss but I had a decent entry so I'm willing to let price ride a little higher. Possible blow off top before more downside... Would line up with equities idea...A substantial impulse move up would have me exit the trade at a loss...
Comment:
Triple top in RSI... A break into overbought will have me exit the trade...
Order cancelled:
Exited at a small profit this morning... Tons of back and forth movement indicating a larger move is on the horizon... My thought is still downwards for oil but I swapped over to an SP500 short as I believe the move will be more substantial there... stop at all time high...