with you that April hogs will probably add some upside longer term. Short term I can't ignore the heavy look the 60 minute chart is showingwith the failure to get a 60 minute close above 70.40. A shot of down momentum is in the setup stage to kick in, if we end another day without producing a 60 minute close above 70.40. I can make a case for my fishing lines setting @ 69.65, having very good potential for 1st deposit target @ 69.25 and then 69.00 with some second effort. First I have get the bite to set my hook then I will have to make correct judgment whether I might possibly have a RUNNER that might want to test my sell signal @ 68.50. I would expect the 68.00-68.70 area to give support but you know what happens when you start expecting certain things.
The roll over is setting up and if that is triggered along with a daily close below 68.50 to also trigger my sell signal------that would mark the 66.00 target. That doesn't mean the marked target has to get the kiss it's calling for but it does go on the menu for the attempt to satisfy that attraction to make it so. What I have to watch for when sell signals are triggered and I have no other choice but to trade them with the momentum direction-------- is to watch for those sell signals being negated with the typical knee jerk reaction to any signals that show up. They can be here today and gone tomorrow but the reliability factor for any of the signals I use is 80%. That's why I have no other choice but to go with the signal but keep reminding myself that I could be playing with one of those 20% in the losing category. That is why I trade in pairs, I make sure I get a deposit at the 1st potential stopper and keep my damage control positioned in the low pain category if it's proven I am playing one of those losing 20% trades. If Damage Control is not hit, my Bank Account keeps looking better with each passing hour.
It is critical that April manages to get a 60 minute close above 70.40 if it wants to keep working higher. Much more procrastination and the bears will smell blood.