UPDATE: Short WTI Crude Oil

13th June 2014 - WTI Crude Oil potential short (+ Iraq considerations)

http://tomstakeonfx.blogspot.co.uk/2014/06/13th-june-2014-wti-crude-oil-potential.html

To recap:

Based on a large time frame Schiff Pitchfork and sliding parallels

The pitchfork is drawn with the following A,B and C points:

A - $49.90 (2007 low)

B - $147.27 (2008 high)

C - $33.20 (2009 low)

Original chart:

Trade going to plan. Currently down to $100.72 from the high of $107.30 (-6.1%) at a R:R ratio of 4.5. Should I come across another trade like this, if it shows positive progress, I would consider  increasing the position and shifting the stop loss to lock in some profit on the new average price. 

Soft target is the sliding parallel below - should price make it that far.