Crude selling off this morning, shall we get long again?

Crude having a decent pullback this AM, I am staying patient until at least the GP retracement from the local low to local high. If it isn't showing strength there I will wait to see how the orange trendline and/or the green parallel channel reacts. If we get a bounce off of one of those three levels I am expecting a rally back to the red parallel channel, this will be an important take profit zone. I will then hold a portion of my position for the trend reversal confirmation just under the short arrow. I will take the rest off there and maybe even enter a short at that point. For me to enter a short, the price can not confirm above the red parallel channel and the oscillators must show a strong bearish divergence.

I will update this post or write a new post once we reach my key short level.

Good luck!

Kommentera:

I have decided to wait on going long until early tomorrow morning. It must have proper reversal signals before I do. Ill update this post if I decide to take it.