USO 2hrs : (SCO) ......carry on .... now that 50
clearly broke on crude .... there's a whole new playing
field in the 40's .... weak stuff getting weaker
...
USO 2hrs ... taking profit on half of my SCO ... greed
kills ... especially in this environment ... so i'll take some off
the table
... but one thing i find with commodities
especially .... is they can trend longer than we expect ...
and more so overshoot quite a bite ....
USO 2hrs ... Today's collapse is presented to you by Russia ...
in this difficult market, this one was one of the easier one
I had in a awhile ... clean pattern and decisive breakdown ...
Crude could easily end up in low 40's now .... I don't
think oil has to rally ... but if oil doesn't stabilise and
stop tanking ... I strongly doubt we'll get anything on the
market that stick
USO ... Thanks for the comments guys! But eh... I had my
fair share of frying pan on the forehead recently like everyone
else ... which is why I said the "easier in awhile" ...
lol ...
the
divergence on the 30min suggest this could be overextend a bit ...
so I'm taking more off the table ... 1/4 of my position is left
now
USO 2hrs : Here's what I'm looking for ... might even re-add
some SCO on this ... this is forming a small bearish consolidation
before another flush down that could potentially setup a MACD
divergence on the 2hrs time frame (See blue line with
arrow)
USO 2hrs : That's it ... dumping my LAST piece of SCO ...
Oil could get lower ... but I'm happy with this ... as
crude is getting into my lower targeted area ... and there's
divergence on many things I'm watching ... I'm sure not going long
right now .... but i'm looking for a long play sooner than
later ....
agree was an easy bear flag. The daily USO chart does now
have nice MACD divergence, but for that to play out crude
needs to stabilize soon or the divergence could be lost. Again
divergence is not a buy signal and you need a trigger. The
best thing would be for crude to form some sort of doji on the
daily as that could setup a reversal pattern. Also taking back more
than 50% of today's solid down candle on USO would be a positive if
that happened tomorrow.
yes the market needs crude to stabilize here, but otherwise all
eyes on the Fed tomorrow, if they didn't something nuts like not
raise rates market will go up regardless of crude.
USO 2hrs : (SCO) ......carry
USO 2hrs : Bearish consolidation ... oil is probably ...
Posted by mla127 on 18th of Dec 2018 at 09:36 am
USO 2hrs : (SCO) ......carry on .... now that 50 clearly broke on crude .... there's a whole new playing field in the 40's .... weak stuff getting weaker ...
USO 2hrs ... taking profit
Posted by mla127 on 18th of Dec 2018 at 11:23 am
USO 2hrs ... taking profit on half of my SCO ... greed kills ... especially in this environment ... so i'll take some off the table ... but one thing i find with commodities especially .... is they can trend longer than we expect ... and more so overshoot quite a bite ....
USO 2hrs ... Today's collapse
Posted by mla127 on 18th of Dec 2018 at 02:47 pm
USO 2hrs ... Today's collapse is presented to you by Russia ... in this difficult market, this one was one of the easier one I had in a awhile ... clean pattern and decisive breakdown ... Crude could easily end up in low 40's now .... I don't think oil has to rally ... but if oil doesn't stabilise and stop tanking ... I strongly doubt we'll get anything on the market that stick
USO ... Thanks for the
Posted by mla127 on 18th of Dec 2018 at 03:35 pm
USO ... Thanks for the comments guys! But eh... I had my fair share of frying pan on the forehead recently like everyone else ... which is why I said the "easier in awhile" ... lol ...
the divergence on the 30min suggest this could be overextend a bit ... so I'm taking more off the table ... 1/4 of my position is left now
USO 2hrs / 30m :
Posted by mla127 on 19th of Dec 2018 at 11:03 am
USO 2hrs / 30m : That 30min divergence yesterday played out ... glad I got more off the table ... still my last quarter of SCO for now ....
USO 2hrs : Here's what
Posted by mla127 on 20th of Dec 2018 at 09:58 am
USO 2hrs : Here's what I'm looking for ... might even re-add some SCO on this ... this is forming a small bearish consolidation before another flush down that could potentially setup a MACD divergence on the 2hrs time frame (See blue line with arrow)
USO 2hrs : That's it
Posted by mla127 on 24th of Dec 2018 at 11:11 am
USO 2hrs : That's it ... dumping my LAST piece of SCO ... Oil could get lower ... but I'm happy with this ... as crude is getting into my lower targeted area ... and there's divergence on many things I'm watching ... I'm sure not going long right now .... but i'm looking for a long play sooner than later ....
nice trade man!
Posted by matt on 24th of Dec 2018 at 11:29 am
nice trade man!
keep us posted, I can
Posted by matt on 20th of Dec 2018 at 10:01 am
keep us posted, I can only watch so many things so you guys help a bunch
Great job, MIA!
Posted by oakavekid on 18th of Dec 2018 at 03:16 pm
Great job, MIA!
mla127 is a jedi not
Posted by matt on 18th of Dec 2018 at 03:20 pm
mla127 is a jedi not a padawan
Agreed, Masterful one!
Posted by oakavekid on 18th of Dec 2018 at 03:25 pm
Agreed, Masterful one!
agree was an easy bear
Posted by matt on 18th of Dec 2018 at 02:55 pm
agree was an easy bear flag. The daily USO chart does now have nice MACD divergence, but for that to play out crude needs to stabilize soon or the divergence could be lost. Again divergence is not a buy signal and you need a trigger. The best thing would be for crude to form some sort of doji on the daily as that could setup a reversal pattern. Also taking back more than 50% of today's solid down candle on USO would be a positive if that happened tomorrow.
yes the market needs crude to stabilize here, but otherwise all eyes on the Fed tomorrow, if they didn't something nuts like not raise rates market will go up regardless of crude.
that they do man
Posted by matt on 18th of Dec 2018 at 11:25 am
that they do man