Other Commodities

My short position on the spot Brent was stopped out for -71 pips (at the high tick of the day), after being in profit more then 200 pips around the close yesterday.

On my main trading account I wouldn't have let a profit turn into a loss, but with this small portfolio I am aiming for the home run and am thus willing to give the trades lot's of space.

FYI: I'm already getting ready to try it again .

Earlier today I sold a spot brent oil CFD for my new swing trading portfolio, when price reached the upper line of this large triangle.

Note that I moved my stop to break-even quite quickly as the oil numbers that are to be released later today might cause a spike above the triangle.

In my previous update I said that "any spike on Monday should provide a nice entry for a new swing short.". Well, price spiked about half a dollar to provide a nice entry, and then dropped 10% in a few days. I hope some of you got in, either directly on Monday or later when the wedge was backtested.

The 4 hour chart of the continuous Crude Oil future shows a hanging man that backtests the previously broken uptrend line, confirming the daily short signal I posted on Friday

The 4 hour chart of the continuous Crude Oil future shows that any spike on Monday should provide a nice entry for a new swing short.

The 4 hour chart of the continuous Crude Oil future shows that price reached the lower band of the large yellow wedge, where I covered 50% of my swing short position.

The daily chart of the continuous Crude Oil future shows a nice doji at the top of the yellow wedge. And we all now what that often means ...

This hourly chart of the July Crude Oil future shows that my swing short taken yesterday could start earning me some nice cash.

Updated view of my daily chart of the continuous Crude Oil future.

Updated view of my daily chart of the continuous Crude Oil future.