jnoelc
Short

USOIL Short

FX:USOIL   Crude Oil (WTI)
38 0 1
trying again: NOTE THAT I AM ONLY PAPER TRADING!

The rally seems to be out of steam, and there is a lot of negative news about the lack of any substantive change in fundamentals.

The hourly price has broken out of the rising wedge shown.
There is bearish diverance on the MACD , Stoichiometric and RSI .

Short at 48.46. this will be a longer hold, targeting the mid to low 40s, 5% stop loss.
Trade active: Looks good on this one. may be a short term bounce some time today, but this one is going much lower in my opinion. Remaining short with 5% SL. 47.36. Will tighten stop loss below $45, or on change in chart
Comment: monitoring for a long term target of $43-44 in the second week of September (extrapolating from longer term trend lines. I will still tighten stop loss below $45
Comment: Trade still active, next idea is a continuation of this one.
Trade closed: stop reached: Trade closed via stop loss at 45.12. Didn't tighten my SL below 45 as I should have.

Profit 6.9% in 15 days. (calc'ed from change in oil price.)

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