The DWT (3x Inverse Crude ETN) short-term Swing Trade was stopped out on 60-min candlestick close (30.73) below 30.90 for a loss of 4% on Tuesday after the Saudi + OPEC joint announcements of production cuts foiled the falling wedge breakout. As DWT gapped down below the stop trigger & printed the first 60-minute candlestick [...]
The following is an update to the DWT (3x Bearish Crude ETN) swing trade idea along with some additional commentary & the beta-adjusted position size.
DWT (3x Inverse/Bearish Crude Oil ETN) will trigger an objective long entry on a break above 32.00 which will be a breakout above this 60-minute falling wedge & the R1 resistance level at 31.85. Member @getitriight had pointed out some bearish developments on the charts of /CL (crude futures) & posted shorting crude via DWT [...]