Sep Crude Oil

I tightened my stop loss today due to bullish action yesterday and was stopped out @ 65.80 for a loss of 650.00. The market proceeded to close above our intitial stop, so it was a good move to tighten up. I now like Crude to the upside and will look for buying opportunities on pullbacks.

Sep Crude Oil

We didn't get the follow through selling yesterday and the market found support @ the 10, 20, 50, and 100 day EMA's. The weekly chart is also very bullish for crude, so we will look for confirmation selling today or exit our position. I also may use a tighter trailing stop today.

Sep Crude Oil

Yesterday's closing price action in Crude presented a good shorting opportunity. A star candle pattern formed last night on the daily chart. This pattern had greater significance because it formed at previous support of 67.22; at the 50% retracement level of the recent move down; and at a confluence of 3 pivot points (DR2, MS1, WR1). Finally, the risk/reward ratio on this trade is very good. The main obstacles to this trade are that as of yesterday's close, price remained about the 10, 20, 50, and 100 day EMA's. I will look to short @ 64.50 with a stop @ 66.70 for a total risk of 1100.00 per mini contract.