Here is an update on Light Crude re my short position (CL #K) from yesterday. After price fell away it found support on the LMLP of the brown ML set in the MT chart(RHS). A short covering rally has pushed price up to the inner roof of the 'mountain'. On the May contract chart this brings us again to the UMLP. I am not so sure that price interacts better on the May chart ( MT) rather than the continuous E-signal chart. It is difficult to understand which ML set is dominant and are we descending in the green set with lower s-lows and lower s-highs or are we now in the brown up sloping ML set. I suspect it is a combination but the brown LMLP certainly worked like a dream but to get to the brown centre line would be an uphill struggle...literally!
I have decided to move my profit stop down to 81.25$ but am not inclined to resell this retest of the UMLP because of the messy resistance from the previous encounter with the UML. However if price got to the equivalent level on the esignal chart then i would watch closely.
Result..stopped out on proft stop at 81.25 +370$
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