Last week, I’d suggested using a 39.97 rally target and ‘camouflage’ to get short. On the one-minute chart, entry would have come Friday at 39.55, about seven minutes after the futures peaked for the day at 39.84 around 11:30 a.m. The remainder of the session was consumed by wild-‘n’-wacky swings, but this would not have mattered to us, since three quarters of the position would have been covered for as little as 39.32, leaving a single-contract short with a profited-adjusted cost basis of 39.82. If I hear from at least two subscribers who took the trade, I’ll establish a tracking position. Be diligent in applying a stop-loss, since the futures could run up to as high as 43.57 if they are able to consolidate above the 39.38 midpoint Hidden Pivot of this pattern on the 240-minute chart: A=34.22 on 3/29; B=42.49 on 3/18; and C=35.24. _______ UPDATE (11:13 p.m. ET): I’m tracking a single-contract short based on chat-room reports. For now, use an ‘impulsive’ stop-loss based on the 5-minute chart. This implies exiting the position if the futures rally above 40.18 without a discernible ‘bc’-type pullback. _______ UPDATE (April 11, 1:14 p.m.): Traders should have exited on the stop at around 9:40 a.m. Price action points up up up, perhaps to as high as 45.32 (240-minute, A=32.42 on 2.24) over the next couple of weeks, so your bias should be bullish. My next update will provide guidance for getting long ‘mechanically’, so stay tuned.
