Shorting Crude Oil as it made a Triple Top

Crude Oil had bounced off the 10000 level for the third time and I sensed that this could be a big move shorting it with a target of 200 points so so. I shorted as the price action recoiled from the 10000 market, made a little bounce and continue south.

However, the market didn’t play ball today and took out my stop at 10020 for a 70 point loss. The immediate spike down shows that there is strong resistance and one could be tempted to short it again but the following 1 hour bar shows strong buy pressure… this means it’s best to leave the market to do it’s thing and keep out of the market (for now anyway)

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Category: Trading