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Below the updates, you will see the original charts showing buy/sell zones
Published 8/10/16 – 10:31 am – Short Position Update – Partial Targets
I wanted to provide a quick update on the Dec16/Dec17 WTI Crude Spread we are in. The update for this trade came out 8/8/16 as the spread was making new recent highs. After the update if you were selling at the market you were able to get better pricing with a range from -3.85 to around -3.70, we ended up making a new high the day after @ -3.60 before we started our retracement back below -4.00.
We just had the release of this week’s EIA storage report which caused a quick pop in the market on front month futures up to almost 43.40 and now it is selling off and made new lows for the session @ 42.05. This has carried over to our spread with us trading @ a current session low @ -4.15
The idea of this trade is to play the downward trend on the chart and keep this a little longer term. I just wanted to provide a quick update on this. For those traders who are risk adverse and do not like holding positions longer term, consider seeing how low we can go this session and look to adjust your initial stops to break even or lock in profits. The current levels we are seeing on the daily chart has @ POC level @ -4.16, consider looking at this level for a partial exit or when to adjust your risk. The bottom zone @ -4.44 would be another area to look to take risk off, but if we close below that spot, it is a bearish sell trigger, so it would be nice to have positions on in the event we do make new lows and challenge the -5.00 prices.
If you have any questions please do not hesitate to let me know. I hope these updates show that the approach and indicators I showcase in the MDA SnapShot can be used on multiple instruments, markets, time frames and trading types. You really just need to find the approach you are comfortable with and begin testing and then trading.
Short @ -3.85 to -3.75
Market @ -4.15 + 30 to 40 cents on trade ($300 – $400 per contract before fees depending on entry)
Click Image for new large window:
Updated MDA Daily Chart WTI Crude Spread Dec16/Dec17, 8/10/16
Original Charts Showing Entry Levels: Published 8/8/16
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