yes looks that way. a tip...reversion to mean bounce
setups always need some sort of confirming pattern on a 60 min time
frame like divergence or a wedge. the 60 min USO has MACD
divergence, so it's a valid candidate. If it didn't have the
divergence on the 60 min time frame then I would pass. Always
use the 60 min time frame to confirm the daily chart
I know there's not that many people that seems to use this here
... but for countertrend moves, I like to use MACD divergence on
the histogram ... there's obviously none on daily, but 2hrs
and 1hrs does ... so short term bounce is what I would look
for
USO
Posted by mla127 on 25th of Apr 2017 at 11:44 am
Getting ready to bounce for an RVM type trade ....
yes looks that way. a
Posted by matt on 25th of Apr 2017 at 11:46 am
yes looks that way. a tip...reversion to mean bounce setups always need some sort of confirming pattern on a 60 min time frame like divergence or a wedge. the 60 min USO has MACD divergence, so it's a valid candidate. If it didn't have the divergence on the 60 min time frame then I would pass. Always use the 60 min time frame to confirm the daily chart
I know there's not that
Posted by mla127 on 25th of Apr 2017 at 11:57 am
I know there's not that many people that seems to use this here ... but for countertrend moves, I like to use MACD divergence on the histogram ... there's obviously none on daily, but 2hrs and 1hrs does ... so short term bounce is what I would look for
mia - nice charts below
Posted by steve on 25th of Apr 2017 at 02:42 pm
mia - nice charts below on USO bounce. Well done