Is crude oil about to take a dive? ð
NYMEX:CL1!
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The Crude Oil short I mentioned has set up today on the daily chart ð I am long CL 91.00 Puts and have also taken some Event Contracts for today to close below 90.50 and 90.00. The setup originated from yesterday's close and the resistance level is now at 90.37. CL1!
To guide my decision-making, I'll be using the 5-day moving average, which currently stands at 90.27 ð This setup involves using options, event contracts, and intra-day shorting with futures.
If the daily close goes above 90.27, I'll scale back, and if we surpass the recent high of 92.43, I'll exit the position â My target area is 85.10 ðŊ, and I'll start scaling out of shorts when we drop below 88.00 âŽïļ
Given the upward trend, I prefer scaling out in front of targets when there's a mean reversion trade.
To guide my decision-making, I'll be using the 5-day moving average, which currently stands at 90.27 ð This setup involves using options, event contracts, and intra-day shorting with futures.
If the daily close goes above 90.27, I'll scale back, and if we surpass the recent high of 92.43, I'll exit the position â My target area is 85.10 ðŊ, and I'll start scaling out of shorts when we drop below 88.00 âŽïļ
Given the upward trend, I prefer scaling out in front of targets when there's a mean reversion trade.