CRUDE OIL UPDATE (6:00 pm EDST)
Today crude oil closed below our stop loss level of $54 (Sept. contract chart) so many traders may have bailed out of their long positions. That is fine, and they should stand aside now. I am going to hold my long position a bit longer, however, and lower the stop loss to $53. The reason for this is that we are in a reversal zone all week and early next week so there is a strong likelihood of a low forming. This market could still close above $54 (or $53) for the week and I don't want to get "whipsawed" out this trade prematurely. I am taking more risk here so those who are very risk adverse may still bail out (or partially bail out) now. Holding my long position for now.
Today crude oil closed below our stop loss level of $54 (Sept. contract chart) so many traders may have bailed out of their long positions. That is fine, and they should stand aside now. I am going to hold my long position a bit longer, however, and lower the stop loss to $53. The reason for this is that we are in a reversal zone all week and early next week so there is a strong likelihood of a low forming. This market could still close above $54 (or $53) for the week and I don't want to get "whipsawed" out this trade prematurely. I am taking more risk here so those who are very risk adverse may still bail out (or partially bail out) now. Holding my long position for now.
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