broke below the range it's been inside of for the past year and I'm expecting it to fall lower to the ~45.50 demand. There is decent supply on the daily where I will be going short. I'm expecting price to fall from 54-53 down to 48. We could have some trouble falling below 51, but overall I expect prices to break through. I will use a 1:1 target to eliminate risk and a manual trailing stop to manage the trade on the way down.
Stop: 53.57 (Risk: $300/contract)
T1: 52.97 (Used to eliminate risk)
T2: 48.00 (Profit: $5270/contract)
Stop 54.43 (Risk: $300/contract)
T1: 53.85 (Used to eliminate risk)
T2: 48.00 (Profit: $6130/contract)