Crude-Lesson

One important note I have to point out here on Crude and technical analysis. Alot of people think news moves the market and I dont think so. I think technical analysis rules and could be seen in that Crude play. that set up was based on technicals and not on the EIA numbers just reported.
Last week I noted 67.60 was the measured move and if we reach there it is an excellent risk reward trade on the short side. We actually traded a bit higher which usually troubles me because I am thorough in my analysis but I said still short it and put you stop above that last swing high.
Well if you played exactly to script you would never be in danger of being stopped out and would be up +$3.50 as I am writing this. Now you are home free as you should take 1/2 off here and the stop on the second 1/2 should be set at entry.

I have a target of 62.75 on this trade, we will see soon enough.


MARKETJEDI