cl 1 yr and 1 mo,hit that 100-100.40 cleave,shorting on the open, target 97.40..94 30,stop above 100.80
First trade, makes sense to exit break even when price tests your entry price runs up and then comes back to it. It's common for price to test a key level where longs or shorts got triggered into trades, but price shouldn't come back to it again, because that's a sign of a range and possible reversal. Second trade, price ran in your favor nicely and the next price in line to be tested is the 9:20 swing low. If you're not scalping, then you're holding through retracements, so no reason to scalp 10 ticks when there's a deeper initial target. So what I do is when each target is tested I want to see how price acts at those levels. When 97.28 is reached, price simply drops through it, so now I'm watching a lower parallel channel line derived from the opening high across the 9:55 swing high and placed across the 9:20 swing low. Price drops right through that, so now I'm watching the level at a second parallel lower channel line placed across the 8:15 swing low and at 10:49 price drops through that, and so on.
I will be filling up my gas tank today! But I expect some significant resistance at 102. Oil's gone from 92 to 101 in less than a month.
cl 1 yr and 1 mo,hit that 100-100.40 cleave,shorting on the open, target 97.40..94 30,stop above 100.80 stopped out