Short term - I will look for prices to test the midpoint of this range at 62.25 and this will be my first target.
TP1: 62.25 (Additional targets updated on daily basis but note that each line up on the chart is a TP as I initially enter with multiple positions)
Here is a view of the Monthly range from 59.73-68.94 that I am looking for a repeat of:
Please let me know if you have any questions, good trading all!
Good trading all
Please NOTE: I've moved the closest Pullback Buy up to 63.74 rather than the quarter mark. No other changes to the plan.
Good trading all!
NOTE: If you Re-added Long Positions don't forget to set sells for Partial profit again at 64.61
It has been a fabulous week trading and I have made an important modification to my supply level = My initial SELLING ZONE was 65.78-67.00; part of this is because we have a daily inflection at 65.99 from 2014; however the 4 Hour view shows a strong swing low at 64.62 (current range top) and a strong Demand/Supply Exchange at 67.00. As my long game is to continue running a long model up to 69/70; I've decided that even if 65.8 pulls back, I will just continue with the Pullback Buys and Partial Long Profit taking.
THE NEW SELL/SHORT ZONE is: 66.69-67.00 - If price reaches 66.69 I will have closed out all Long positions and will begin a Short Model intending on switching back to a Long Model again at 64.92.
Below I will show the updated Target chart and the 2014 4 Hour view showing my reason for change in Short Level.
Have a great week all and as usual, I'd appreciate any questions, comments or criticism.
Have a great weekend all!
Good trading week to all!
Please let me know if you have any questions. If futures front month rolling into back month is new to you, Investopedia is a great resource: https://www.investopedia.com/terms/b/backmonthcontract.asp