|Crude Oil Sell-Off|
We earned a great profit by selling the highs of a sideways-trading-range, but to our surprise that short trade off the highs turned into a major turning point on the day and the market sold-off like a rock!
The first thing we did this morning was to define the long-term-trend, which we defined as being sideways. Once we knew the trend was sideways all we had to do was buy the lows and sell the highs. We sold short at the highs of the range, but something changed in the market-personality and the price-action sold-off like a rock.
Once we found the sellers were in control, we quickly moved from trading a sideways range to a trending market which means all we needed were entry patterns using the Wave Pattern short to capitalize on this new down-trend.
As you can see in today’s video and on your own chart, once we made new lower-lows we had EASY trading opportunities selling short. The morning started with us selling the highs of the range, but it quickly turned into a trending day and we were able to profit from it.
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