Subscribe in a reader Taking a look at the NYMEX Crude Oil 8 hour chart. Looks like a Head & Shoulders pattern as well as a possible Bear Flag pattern. Watch the $92 area (neckline/support), a break below & a measured move towards $88/$87 is possible. Re-entering with a 1/2 position Proshares UltraShort Crude Oil (SCO) $39.30 and adding to position on a break below $92 post open, follow on Twitter.
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Added on open 1/4 position @ $40.75
Suggest using a trailing stop on 3/4 position $SCO. Use an 4 EMA on 15 minute chart, currently $40.42
update stop $40.90
hit 8ema $41.20 stopped out for a +1.40 gain on 3/4 position
YTD trades in $SCO Jan23 (1/4 position) $37 -sold March 1 @ $41.80 +$4.80 +13%
1/29 $36 (1/4pos) sold 3/12 $39.65 = +$065 +1/8%;
Feb 8 $36.60 (1/4p) sold 3/7 $41 +$4.40 +12%;
March 15th $39.30 (1/4p) sold 3/18 $40 +$0.70 +1.8%;
3/19 $39.50 (1/2p) sold 3/19 $39.10 -$0.40 -1%;
3/21 (1/2p) $40.15 sold 3/21 $40 -$0.15 -0.4%;
3/25 (1/2p) $38.50 sold 3/25 -$0.50 -1.3%;
3/25 (1/2p) $38.25 sold 3/25 $38.50 +$0.25 +0.6%;
4/1 (1/2p) $37.20 sold 4/1 $37 -$0.20 -0.5%;
4/3 (1/2p) $37 sold 4/4 $39.50 +$2.00 +6.8%;
4.8 (1/2p) $40.05 sold 4/8 $39.40 -$0.65 -1.6%;
4/9 (1/2p) $39 sold 4/9 $38.40 -$0.60 -1.54%;
on April 11hth bought 1/2 position $39.40 & on Apr 12th 1/4 position @ $40.75, stopped on 4/12/13 @ $41.20 for $1.42 or +3.6%
currently NO position
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