Short and sweet trade! Hit our 1st target today at 108.75. No heat to deal with, no "shall I stay or shall I go" decisions. Just came right down and hit it. Nothing really more to say.
I kind of needed a trade like this after that Soybean Oil trade. Anyway, here's the net:
Entry: 10/14/20 110.20
Exit: 10/16/20 108.775
110.20 - 108.775 = 1.425 * $400/pt = $570
Put it in the Win column.
Notice how the candle ended right on the 200sma today, which is also the 78.6% Fib retracement of the yellow range. Anything can happen from here, but from where we closed and noticing stochastics are oversold, I'd expect a bounce back up to at least the 8ema, or the 20sma, or a 50% or 61.8% Fib retracement of the current leg down from 113.30. If we get that, then we'll take a look at re-shorting this trade for the 2nd target.
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