July 28th: OIL (crude oil ETF) has
pulled back on heavy volume and is near support. If it can put on a
weak volume oversold bounce, it may put on a right shoulder back to
the MA's to form a bearish H&S top. Looks like good short on a
weak low volume bounce back to the MA's.
Personally we prefer to short a low
volume bounce rather than waiting for support to be lost because
the risk/reward is better and you can set a tighter stop. I
added this to the Watch List
You are one guttsy trader!! But....... I know you know what you
are doing! Last Saturday night I bounced my Almost four month old
gandaughter Kassy on my knee for two hours! She was a happy camper!
She trusted me!
However... having been lobotomized by the natural gas futures
over the past several weeks I must relinquish all critical
judgement to a higher power. I am now going long natural gas
through my London broker. May your wisdom exceed that of the sages
so that Kassy may continue to have faith in Grandad to take care of
his little girl.
FTO is a very compelling trade on the long side come what
MAY.
That having been said, I am as any piece of news could send the
always loathe to short anything that is in a screaming bull market
as any bullish news could send the USO rocketing higher. On the
balance of probabilities I would rather wait for long setups that
short a bull market.
Thank you for your candid opinion. This is what freedom is all
about!!!
Crude Oil ETF chart -
Posted by matt on 28th of Jul 2008 at 08:08 pm
Crude Oil ETF chart - Short Setup
July 28th: OIL (crude oil ETF) has pulled back on heavy volume and is near support. If it can put on a weak volume oversold bounce, it may put on a right shoulder back to the MA's to form a bearish H&S top. Looks like good short on a weak low volume bounce back to the MA's.
Personally we prefer to short a low volume bounce rather than waiting for support to be lost because the risk/reward is better and you can set a tighter stop. I added this to the Watch List
Parabolic Bounce
Posted by maverick on 29th of Jul 2008 at 01:20 am
One thing I love to play is a bounce after a parabolic rise and break of the uptrend.
I'm long USO and oil futures & UNG from Friday stop in oil and USO is 121.60
look for a strong bounce.
UNG BOUNCE
Posted by vmath on 29th of Jul 2008 at 02:17 am
Matt:
You are one guttsy trader!! But....... I know you know what you are doing! Last Saturday night I bounced my Almost four month old gandaughter Kassy on my knee for two hours! She was a happy camper! She trusted me!
However... having been lobotomized by the natural gas futures over the past several weeks I must relinquish all critical judgement to a higher power. I am now going long natural gas through my London broker. May your wisdom exceed that of the sages so that Kassy may continue to have faith in Grandad to take care of his little girl.
I know guys. I'm choking on it myself!!!
Kassy! I will NEVER!!! let you down!!
Grand Papa!!!
parabolic Bounce
Posted by maverick on 29th of Jul 2008 at 01:21 am
under 121.60 I'm short OIl futures & Long FTO in my equities portfolio.
FTO
Posted by vmath on 29th of Jul 2008 at 02:38 am
FTO is a very compelling trade on the long side come what MAY.
That having been said, I am as any piece of news could send the always loathe to short anything that is in a screaming bull market as any bullish news could send the USO rocketing higher. On the balance of probabilities I would rather wait for long setups that short a bull market.
Thank you for your candid opinion. This is what freedom is all about!!!
Matt, your mind is sharp
Posted by Jim on 28th of Jul 2008 at 08:31 pm
Matt, your mind is sharp as a tack. so glad your heart and soul is into this. Thank you for keeping up on this for all of us. Great Job :-)
Jim
Thanks Jim! BTW here's the crude oil
Posted by matt on 28th of Jul 2008 at 09:31 pm
Thanks Jim!
BTW here's the crude oil chart , measures to about $100.