I know a few people who are using this morning’s bounce to deploy more energy shorts. However, I’m going to wait for a few more points to add to my existing short positions. While I agree we may get a quick drop here, risk/reward is not great until we get entries closer to the top of the breakdown bars.
Take a look at the charts of MOS and X, my existing short positions.
Ideal MOS entry: 100-102
Ideal X entry: 126-128