I see it JOB...I'm not an oat trading fan, but the 157 line is certainly strong enough to play on its own if you wanted to. 155 could cause a few problems but I think your first real obstacle to the downside is the 153 region. Once you're clear of the 153 support then I think the 149 profit target is much more feasible. Besides waiting to clear 155 is going to skew your risk/reward, unless you re-adjust your exit target, which is another reason I'd probably play the 157 line.

Just a point of interest: the current market trend is up, right? Prices are currently struggling with the 50% level, RSI is hooking downward and volume seems to be favouring lower prices, so I'm with you in thinking that down is the direction of choice for this week, but maybe you want to cover a possible breakout above the triple top as well? More often than not prices will do an about face when you least expect it. You wouldn't have to enter right above the 160 resistance, you could give it a couple of ticks and use 160 to cover the trade, but it might be a good "back up" plan to have in place.

Just a thought.

Erich
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