I just shorted CL @ 96.95 during early London session.
Target 95.15 (will re-adjust later)
Stop 98.50
CL broke out of its uptrend channel 2 days ago and its been looking weak ever since. It ran up to the uptrend channel and that acted as resistance.I chickened out of my last short position because there was a lot of strength in derivative products like RB and HO, but those guys are finally breaking down and looking weak on the hourly charts. So, I think the time is finally right to short this baby. I hope I don't chicken out of this trade, because I left a lot of money on the table by closing out early 2 days ago. I missed the big drop, but there is still a lot of meat left on the bone.
CL has the potential go back and test the low 90s, but for now, I am leaving target at 95.15
Open trades:
AUD.USD Short 1.10040 Stop 1.11500 Target 1.0900
CL Short 96.95 Target 95.15 (will re-adjust later) Stop 98.50
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