Took profits in the morning, bought dips in the afternoon
Taking profits below $46.81 (if you were long with me from ~$42) was obvious today. A ~0.25 to 0.50 stop loss would have served you very well. Additionally, shorting as soon as $46.81 support broke would have given you a nice day-trade.
Obvious support was obvious. Some slight whip-saw from API numbers too, but if you set your stop loss below $44.12, $44.88 was a perfect dip buy.
Long again at $44.90 with a stop below the pink channel. Observe pink RSI support holding as well :)
Cheers and good luck all. "EIA" inventory numbers tomorrow. Its driving season and the projections are shallow. Keep the stop losses handy though, who knows what America is doing with those pesky strategic petroleum reserves.
Remember - my original medium-term target was ~$49."xx", still possible, but the green channel is clearly broken. Rely on pink unless it climbs back into green tomorrow after the report. Would short below low $44.36 if support does not hold tomorrow -- $41."xx" possible in that scenario.
Obvious support was obvious. Some slight whip-saw from API numbers too, but if you set your stop loss below $44.12, $44.88 was a perfect dip buy.
Long again at $44.90 with a stop below the pink channel. Observe pink RSI support holding as well :)
Cheers and good luck all. "EIA" inventory numbers tomorrow. Its driving season and the projections are shallow. Keep the stop losses handy though, who knows what America is doing with those pesky strategic petroleum reserves.
Remember - my original medium-term target was ~$49."xx", still possible, but the green channel is clearly broken. Rely on pink unless it climbs back into green tomorrow after the report. Would short below low $44.36 if support does not hold tomorrow -- $41."xx" possible in that scenario.
