Crude Oil Forecast 6-13-11 UPDATE

I commence with my gratitude to The Creator

For following illustration, See the Chart titled “Crude Oil Forecast 6-13-11 i”

• On June 13th, Crude Oil dropped to 96.14 level. $96.00 level was forecasted as support in forecast, see my previous forecasts.
• For 10 hours crude did not break this level. and then it broke out the 10 hours downward trend-line
• Point “1”, Crude Oil made a spike low and reversed within same 10 minute bar to the half of the bar.
• Point “1”, next 2 bars engulfed the spike low bard.
• Point “1”, the 3rd and 4th bar did the retest of the low made the spike low bar.
• Point “2” This was a clear entry for long trade at break of this down-ward trend-line
• Point “2a”, was an aggressive entry, and the least risky long entry was to enter the long trade at the retest of the spike low bar 50%. 3rd green bar after the successful retest of the spike low
• Point “1” and Point “2a” are being formed on CIT, trend change date.
• Market has dropped into the time cycle.
• Market has been declining since June 9th, for last 4 days.
• Therefore, it was an obvious swing low aligned technically with time cycle. Thus a very profitable and the least risky entry for a long trade.
• Trade entries were either at point 1, as illustrated above, or at point 2 or finally on point 3
• Trade entries were $96.50, $96.70 or $96.60 accordingly, all with stop at $96.10
• Once you are in the trade, then money management was watching your stop
• Then once, the trade cleared the resistance of Point A, then stop should have been moved to Point B, once trade went beyond the pink line at Point B resistance/support.
• After the trade has been successful, then monitoring the trade according to the hourly chart is the prudent strategy. See the hourly chart attached here.