We got the weak move back up and I got three signals to short. The first was a stop out for -10 ticks, but i got back in on the other signal and recovered that plus some extra. Chart is attached.
From my earlier post i cited 74.80 as resistance. Well that turned into support and the market came back down to test it and up it went. I was not here to take it , but its worth noting how support and resistance work in the market.
Oil Busted through reistance today and then came back test it. I got a trigger to long right there at old res now support and took a long trade. Chart is attached.
Oil update. There is some support at 76.30 which we are currently approaching on this pullback.The move may be a bit tired and the selling on this pullback will be telling depending on the volume and the depth of it. Could set up another long trade. We'll see.
Small bounce off the support, i'm anticipating that it will not hold as they come down again. 76.00 area would be the next support. The long trade at support did not trigger and it may setup short soon for a move back to 76.00,
The short trade triggered, i'm in and out of 1/2 my position at plus 6 ticks, stop is at entry on other 1/2, my next target is just above the 76.00 at 76.12. Will post chat after trade is complete.