This looks more and more to me like a great short opportunity for the next week. Equity market still ready to pop and enjoy a nice sell off Oil overpriced in general -ignoring Dollar/Equity markets Egypt protestors really going to stall oil production when they are in the streets due to increased commodity prices? These are regular citizens not terrorists.
I can confirm it was consolidation by the fact I fell for the triangle break (that narrow point that I hate so much and almost never trade except today) and was stopped out in full. I didn't quite sell the low tick, someone else sold a tick lower
I don't trade triangles anymore either. Maybe on daily charts if I were longer-termed-- but day trading those candle patterns seem to perfect the whipsaw trades.
I guess I could have been more patient, I don't think I'll be adding to this loser anytime soon. Placing 1st stop at 92.10.
I just came within a tick of being stopped out. Could this be the day I actually catch a break? Now if it can just slump back down to 89.70 that would be great. My guess is we pit close at 90.80 just to piss me off.
Adding to short 91.77 Feeling rather stupid going forward with this one... stopppppp placed above 92.60 for now