crude oil made some nice moves to new highs late this morning and its been resting below the big round number 78.00 so we have 2 high percentage opportunities for swing traders tonight.
if the market rises..
- i need to clear 78.05 for a long entry with a final target of 78 and taking 1/2 off at 50's on the way up
if the market falls, which im looking forward to...
- i dont have much opportunity to work with the sellers until we get below 77.35 because of those trend lines potentially becoming support if this market grows some wheels.
wait for entry short below 35 taking half my position off 77.00, and then covering my short at the 50-70 region around the trend line which will act as support because its the bottom of the wedge pattern.
dont get greedy at those lows, i want to be quick to take profit when we get close to that trend line, if you dont, you will find out why later tonight :)
