Another Oil trade today brings in more profits

In this market update, Lee explains why he was interested in shorting Oil today and not going long like he did yesterday.

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Oil Daily Chart

After Thursdays Crude Oil trade that brought in 100 points profit to the long side (check out yesterdays market update), today it was about reversing that trade because we had a Trend Predictor Short signal. You can see from the chart below that we had a red down-pointing arrow. That signals that today will be a down day with the price. So that means we just look for short trades all day. The Trend Predictor gives us that edge in the market and prepares us for which direction the market is going to go on the next candlestick.

We continue to be in a wave 4 retracement which looks like it could become a zig-zag pattern. We have been spot on again with the EURUSD by combining our wave analysis and the Pro-Trading System.
Looking for long side trades if we get down to 117, for a reversal to 11912.

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