NYMEX:CL1!   Light Crude Oil Futures
Today was a tricky day during inventory news. I was short going into the news with profit, and thought that the news would blast through the 50% fib level. Stop placement was too far away and took a big hit. Its a lot easier to be an analyst than be a trader during the live markets. As you can see, oil             traders like using the magic number 3 at key levels. My levels are pretty accurate, but deciding what to do during live markets at those levels is another thing. Two scenarios for tomorrow with 2 possible targets. Price may drop to my target and bounce higher towards the upper target or price may drop down to the lows again and continue the downtrend. Have to wait for the 30min to close to decide what to do at these target levels. One of my targets are reached about 80% of the time. It looks like the break below the previous months low may have been a trap and we could see higher prices by friday for a close above the weekly support / resistance level
So you feel pretty confident that in either scenario the first step is for price to go to the lower target, correct?
Yes... I took the same trade...short into the report. .. positive gains ... and wam!... stops filled...stopped out... liking your targets though. ..
I bought and lost 50 pips because, I trusted the forecast of a website damn
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