A Few Quick Thoughts
A Few Quick Thoughts
Yesterday afternoon right before the close I presented a very simple setup on crude. And I hope some of you (sub or leech) took this one as it turned out to be one sweet ass money maker.
As this candle is rather over extended I would suggest you take at least partial profits now. I haven’t looked at daily ATR but we are probably way outside the current range – better to be safe than sorry.
Since that inside day on the spoos we’ve been going nowhere fast. I would however keep an eye on that previous sell signal as it roughly marks a bounce point near 1389. If we drop below that more ugliness may be in store.
Here’s a more in depth view of my hourly spoos momentum chart:
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As you can see we just bounced off the lower 100-hour BB. This needs to definitely hold here as a drop below 1390 would start turning those BBs lower. Also, we should not spend too much time down here either or momentum switches back to the bears. We still have a few hours in the session so let’s not make assumptions and instead watch this inflection point.
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I would also take partial profits on gold – if you’re still in it. Yours truly took an exit yesterday and is now kicking himself where it hurts the most 😉
Cheers,
